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Dundee Corporation Announces Third Quarter 2020 Financial Results

TORONTO, Nov. 13, 2020 (GLOBE NEWSWIRE) — Dundee Corporation (TSX: DC.A) (the “Corporation” or “Dundee”) today announced its financial results for the three months ended September 30, 2020.

During the third quarter of 2020, the Corporation recognized net earnings attributable to owners of Dundee Corporation of $15.9 million, or earnings of $0.14 per share, before the effect of any dilutive securities. This compares with a loss of $28.6 million or $0.30 per share incurred during the same quarter of the prior year.

Operating results during the third quarter of 2020 reflect a $23.5 million market appreciation (2019 – loss of $16.1 million) on certain of the Corporation’s investments that are carried in the consolidated financial statements at Fair Value Through Profit or Loss (“FVTPL”).


SUBSTANTIAL ISSUER BID FOR SERIES 2 PREFERRED SHARES


On September 9, 2020, the Corporation announced the completion of its substantial issuer bid (the “Offer”) to purchase for cancellation the Corporation’s Cumulative 5-Year Rate Reset First Preference Shares, Series 2 (the “Series 2 Shares”). The Corporation paid an aggregate $38.4 million for the purchase and cancellation of approximately 2 million Series 2 Shares that were validly tendered to the Offer. In addition to the payment of purchase price, the Corporation also paid $0.5 million of accrued dividends on the Series 2 Shares validly tendered. Transaction costs in respect of the Offer were approximately $1.5 million.

“We continued to make significant progress in our efforts to streamline our capital structure and improve our financial position during the third quarter. The substantial issuer bid for our Series 2 Shares was successful for the purchase and cancellation of approximately 2 million shares, helping to significantly lower our dividend payments by approximately $2.6 million annually, which is another step in reducing the fixed costs of the Corporation” said Jonathan Goodman, President and CEO.


EARLY WARRANT EXERCISE PROCEEDS OF $5


6


.6 MILLION


Subsequent to quarter end, on October 28, 2020, Dundee announced the completion of its early discount exercise price program of Dundee Precious’ purchase warrants. A total of 7.5 million warrants were exercised at the discounted exercise price of $7.60 during the specific period in exchange for proceeds of $56.6 million. A total of 4.1 million warrants remain issued and outstanding.

“The early exercise of the Dundee Precious’ warrants further strengthens our balance sheet and improves our strategic flexibility as we continue to invest in our mining-focused strategy,” added Mr. Goodman.

“Our management team and board of directors believe it was a prudent step to take to facilitate the early warrant exercise as we continue to navigate a climate of economic, geopolitical and market uncertainty including the ongoing effects of the COVID–19 pandemic,” said Robert Sellars, Executive Vice President and Chief Financial Officer.


COVID-19 UPDATE


The Corporation’s business continuity plan has been in place since early March and has helped maintain orderly business operations during the pandemic. During the COVID-19 pandemic, the Corporation continues to make the health and well-being of its employees a top priority. As a result, all head office employees continue working from home and are expected to do so for the foreseeable future, limiting their personal risks and helping ensure their safety. The Corporation is monitoring information from local health authorities and all levels of government on a daily basis.

“We have made employee safety our top priority during the pandemic and continue to implement business continuity measures that protect our staff while allowing us to continue operations during these challenging times,” said Mr. Sellars. “On behalf of management and the board of directors, we would like to thank our employees for their continued dedication and commitment.”


FINANCIAL RESULTS
 

  • At September 30, 2020, the estimated market value of the Corporation’s portfolio of investments carried at FVTPL was $244.7 million.
  • Consolidated revenues were $8.7 million during the third quarter of 2020, compared with revenues of $7.9 million in the same quarter of the prior year.
  • At the head office level, the Corporation held cash of $78.8 million and a portfolio of publicly traded securities with a value of $169.9 million at the end of September 2020. Subsequent to quarter end following the completion of the Dundee Precious early warrant exercise, the Corporation held cash of nearly $140 million.
  • The Corporation and its subsidiaries continue to work on reducing general and administration expenses. These consolidated expenses were $6.8 million for the third quarter and $20.6 million on a year-to-date basis compared to $9.6 million and $27.9 million in the comparable 2019 periods, respectively. Head office general and administration expenses were $2.8 million for the third quarter and $11.7 million on a year-to-date basis. This compares to $6.7 million and $16.3 million, respectively, in the comparable periods in 2019.


OPERATIONAL REVIEW

  • Goodman & Company, Investment Counsel Inc. (“GCIC”) AUM increased 18% to $80.5 million at September 30, 2020 from $68.5 million at the end of June 2020. During the three months ended September 30, 2020, this segment recognized earnings of $0.1 million, compared with a pre-tax loss of $0.1 million incurred in the same period of the prior year.
  • During the third quarter of 2020, United Hydrocarbon International Corp. (“UHIC”) recognized earnings of $1.7 million (2019 – $0.9 million) which included a gain of $1.8 million (2019 – $1.1 million) on re-measurement of the fair value of its royalty interest and associated contingent bonus payments. At September 30, 2020, the Corporation’s carrying value of its 84% interest in UHIC was $39.4 million (December 31, 2019 – $145.2 million). UHIC continues to monitor the state of the global oil markets and the effect of possible operational and financial developments at Delonex Energy Limited. If the current low Brent crude oil price persists, it could have a material adverse effect on the carrying value of UHIC’s royalty interest and associated contingent consideration.
  • On July 31, 2020, the Corporation announced that its wholly-owned subsidiary, Dundee Resources Limited (“DRL”), reached a debt settlement agreement with Dundee Sustainable Technologies Inc. (“Dundee Technologies”) that converted amounts due to DRL of $13.4 million into 40.6 million subordinate voting shares of Dundee Technologies, increasing the Corporation’s ownership in Dundee Technologies from 62% to 82% upon completion of the debt to share conversion.

    During the third quarter of 2020, Dundee Technologies continued to expand the provision of technical services in the mining industry to evaluate processing alternatives using its state-of-the-art metallurgy plant and skilled technical team. Revenue during the current quarter was $0.9 million (2019 – $0.5 million). Dundee Technologies expects the primary driver in the coming years will be its GlassLock ProcessTM, followed by higher upside from its CLEVR ProcessTM in the long run.

  • During the third quarter of 2020, Blue Goose Capital Corp. (“Blue Goose”) generated earnings of $2.4 million attributable to owners of Dundee Corporation (2019 – loss of $8.4 million). Results in the current quarter include a $0.4 million wage subsidy under the CEWS program. Blue Goose recognized a $3.7 million fair value gain in livestock during the current quarter compared with $1.1 million recognized in the same quarter of last year. 2019 results also included a $10.0 million impairment charge against certain property and equipment.
  • During the three months ended September 30, 2020, AgriMarine Holdings Inc. (“AgriMarine”) incurred pre-tax net losses attributable to owners of Dundee Corporation of $0.5 million (2019 – $0.5 million). AgriMarine continues to rationalize its cost structure with the goal of achieving profitability for its fish farming operation and sourcing third-party revenue for its technology division, while it continues to validate the scientific and commercial viability of its closed-containment tank technology.
  • During the first nine months of 2020, Dundee Precious produced gold on an all-in sustaining cost basis of US$655 per ounce, on a consolidated basis. Gold production during the first nine months of 2020 increased by 45% to 234,172 ounces relative to the corresponding period in 2019 due primarily to production from Ada Tepe, which achieved commercial production in June 2019 and full design capacity in the third quarter of 2019, and higher gold grades at Chelopech. Copper production increased by 3% to 28.0 million pounds relative to the corresponding period in 2019 due primarily to higher copper grades, partially offset by lower copper recoveries. The Tsumeb smelter achieved total complex concentrate smelted of 179,406 tonnes during the first nine months of 2020, which was 8% higher than the corresponding period in 2019 due primarily to a steady state of operations in 2020.

    At September 30, 2020, Dundee Precious had cash resources of US$252.4 million, including undrawn capacity under its revolving credit facility. Dundee Precious reported total revenues of US$466.7 million during the nine months ended September 30, 2020, and it reported net earnings attributable to its common shareholders of US$145.7 million.

    Post completion of the early warrant exercise announced on October 28, 2020, the Corporation continues to hold approximately 4.1 million common shares of Dundee Precious.

S
HAREHOLDERS’ EQUITY ON A PER SHARE BASIS   		  
      Carrying Value  
      as a  
      30-Sept-20  
    Operating subsidiaries $ 91,846  
    Equity accounted investments   20,434  
    Investments carried at fair value through profit or loss   244,724  
    Other net corporate account balances   67,982  
    Total shareholders’ equity   424,986  
       
    Less: Shareholders’ equity attributable to holders of:  
    Preference Shares, series 2   (27,667 )
    Preference Shares, series 3   (50,423 )
       
       
    Shareholders’ equity attributable to holders of Class A  
    Subordinate Voting Shares and Class B Shares of the Corporation $ 346,896  
       
       
    Number of Class A Subordinate Voting Shares and Class B Shares of the Corporation issued and outstanding  
    Class A Subordinate Voting Shares   99,977,913  
    Class B Shares   3,114,602  
        103,092,515  
       
    Shareholders’ Equity on a Per Share Basis $ 3.36  


THIRD


QUARTER


2020


CONFERENCE CALL AND WEBCAST


DETAILS

The Corporation’s unaudited condensed interim consolidated financial statements as at and for the three months ended September 30, 2020, along with the accompanying management’s discussion and analysis have been filed on the System for Electronic Document Analysis and Retrieval (“SEDAR”) and may be viewed by interested parties under the Corporation’s profile at www.sedar.com or the Corporation’s website at www.dundeecorp.com.

The Corporation will host a conference call and webcast to discuss its third quarter 2020 financial results. The details for the event are as follows:

Date:     Monday November 16, 2020
Time:     10 a.m. EDT
Webcast:     www.dundeecorp.com
Live Call:     1.888.231.8191 or 1.647.427.7450

The conference call will be archived for replay until Monday November 23, 2020 at midnight. To access the archived conference call, please dial 1.855.859.2056 or 1.416.849.0833 and enter the encore code 5533506.   An archive of the audio webcast will also be posted to Dundee Corporation’s website.


ABOUT DUNDEE CORPORATION


Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.


FORWARD-LOOKING STATEMENTS


This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Dundee Corporation’s current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee Corporation’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Annual Information Form of Dundee Corporation and subsequent filings made with securities commissions in Canada. Dundee Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.


FOR FURTHER INFORMATION PLEASE CONTACT:

John Vincic
Investor and Media Relations for Dundee Corporation
Vincic Advisors
T: (647) 402-6375
E: [email protected]

 



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ROSEN, LEADING INVESTOR COUNSEL, Reminds Peabody Energy Corporation Investors of Important November 27 Deadline in Securities Class Action; Encourages Investors with Losses in Excess of $100K to Contact Firm – BTU

PR Newswire

NEW YORK, Nov. 13, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Peabody Energy Corporation (NYSE: BTU) between April 3, 2017 and October 28, 2019, inclusive (the “Class Period”), of the important November 27, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Peabody investors under the federal securities laws.

To join the Peabody class action, go to http://www.rosenlegal.com/cases-register-1962.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

According to the lawsuit, from April 3, 2017 through September 28, 2018, defendants failed to disclose, and would continue to omit, the following adverse facts pertaining to the safety practices at Peabody’s North Goonyella mine, which were known to or recklessly disregarded by defendants: (1) the Company had failed to implement adequate safety controls at the North Goonyella mine to prevent the risk of a spontaneous combustion event; (2) the Company failed to follow its own safety procedures; and (3) as a result, the North Goonyella mine was at a heightened risk of shutdown. Further, according to the lawsuit, following the September 28, 2018 fire and throughout the remainder of the Class Period, defendants failed to disclose, and would continue to omit, the following adverse facts pertaining to the feasibility of Peabody’s plan to restart the North Goonyella mine: (1) the Company’s low-cost plan to restart operations at the mine posed unreasonable safety and environmental risks; (2) the Australian body responsible for ensuring acceptable health and safety standards, the Queensland Mines Inspectorate (“QMI”), would likely mandate a safer, cost-prohibitive approach; and (3) as a result, there would be major delays in reopening the North Goonyella mine and restarting coal production. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 27, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1962.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      [email protected]
      [email protected]
      www.rosenlegal.com

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SOURCE Rosen Law Firm, P.A.

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Spinout of Leviathan Gold Ltd. Shares to Fosterville South Shareholders Approved by Shareholders

PR Newswire

  • Shareholders Overwhelmingly Approve the Plan of Arrangement involving the Spinout of the Avoca and Timor Properties

  • Effective Date of the Arrangement, subject to Final Court Approval, November 23, 2020

  • Proposal is that for every common share held of Fosterville South Exploration, shareholders in all jurisdictions will receive a common share of Leviathan Gold Corp.

  • All other matters at the annual and general meeting of the Company were approved

VANCOUVER, BC, Nov. 13, 2020 /PRNewswire/ – Fosterville South Exploration Ltd. (“FSX” or the “Company“) (TSXV: FSX) (OTC: FSXLF) (Germany: 4TU) announces that all matters voted on at the annual general and special meeting of shareholders of the Company (the “Meeting“) held on November 13, 20101 were approved, including, the special resolution with respect to an arrangement (the “Arrangement“) pursuant to which the Company will spin-out its Avoca and Timor properties to Leviathan Gold Ltd. (“Leviathan“).

Subject to obtaining the final approval of the Court (“Final Court Approval“) following the Meeting and subject to the procedures of the TSX Venture Exchange (the “TSXV“), the Company expects the effective date of the Arrangement to occur on November 23, 2020. Following the date the Company obtains the Final Approval, the Company will, following confirmation of the TSXV,  issue a press release advising Shareholders of the Effective Date.

On the Effective Date of the Arrangement, each existing common share of the Company will be exchanged for (i) one new common share of the Company and (ii) one common share of Leviathan.

Investors who do not currently own common shares of Fosterville South but wish to  be eligible to receive Leviathan Gold common shares under the spinout transaction, would need to purchase Fosterville South shares through the facilities of the TSXV prior to the close of trading on the TSXV on November 20, 2020 based on an effective date of November 23, 2020 for the spin out.

The common shares of Leviathan issued pursuant to the Arrangement will be subject to the following restrictions on resale: 25% will be restricted for four months, an additional 25% will be restricted for eight months, an additional 25% will be restricted for twelve months, and the final 25% will be restricted for sixteen months.

Leviathan has applied to list its common shares on the TSXV (the “Listing Application“) and has reserved the stock symbol “LVX” with the TSXV. The listing of the common shares of Leviathan is subject to the approval of the TSXV. In addition to the approval of the listing of the Leviathan common shares on the TSXV, the following transactions must be completed following the Effective Date of the Arrangement:

  • Completion of a financing by Leviathan Gold Finance Ltd. (“Finco“) in an amount of at least $5,000,000 (the “Financing“)
  • Completion of the amalgamation of Finco and Leviathan following completion of the Financing (the “Amalgamation“)
  • Completion of the purchase by an Australian subsidiary of Leviathan of the Avoca and Timor granted exploration licenses located in the state of Victoria from Currawong Resources Pty Ltd., a wholly owned subsidiary of the Company (the “Purchase“)

The Company will update shareholders and the market as to the Financing, Amalgamation and Purchase as circumstances warrant.

The Amalgamation, Purchase and Listing of the Leviathan  common shares on the TSXV are subject to the approval of the TSXV.

Fosterville South Chief Executive Officer, Bryan Slusarchuk, states, “We thank Fosterville South shareholders for overwhelming support of this transaction. The spinout of the Avoca and Timor assets to Leviathan Gold is an example of Fosterville South flowing the advantages we have as a first mover in Victoria directly to our shareholders. Leviathan Gold has an impressive team of mining professionals, with a proven track record of wealth creation and excellent technical expertise. We look forward to supporting Leviathan Gold as they execute on the ground and unlock value for shareholders.”

Leviathan Gold Chief Executive Officer, Luke Norman, states, “Avoca and Timor are outstanding projects with a history of high-grade gold production, extremely compelling drill targets and a lack of modern exploration. Our technical team is excited to commence exploration and we will do so with the backing of a strong treasury and strong institutional investor support.”

About Fosterville South Exploration Ltd.

Fosterville South has two large, 100% owned, high-grade epizonal gold projects called the Lauriston and Golden Mountain Projects, a large group of tenement applications called the Providence Project and a large group of recently consolidated tenement applications called the Walhalla Belt Project, all in the state of Victoria, Australia. The Fosterville South land packaged, assembled over a multi-year period, notably includes a 600 sq. km property immediately to the south of and within the same geological framework that hosts Kirkland Lake Gold’sFosterville tenements. Additionally, Fosterville South has gold-focused projects called the Moormbool, Timor and Avoca Projects, which are also located in the state of Victoria, Australia.

Six of Fosterville South’s properties (Lauriston, Providence, Golden Mountain, Timor, Avoca and Walhalla Belt) have had historical gold production from hard rock sources despite limited modern exploration and drilling.

Fosterville South has approximately CAD $29 million in cash, is drilling at the Golden Mountain project where results to date have been excellent, is preparing to drill at Lauriston and has 12 drill permits in progress spanning 5 different projects.

On behalf of the Company,

Bryan Slusarchuk, Chief Executive Officer and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approval or disapproved of the contents of this press release.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release, including with respect to the receipt of the Final Approval, the completion of the Financing, Amalgamation and Purchase and the receipt of the approval of the TSXV for the Listing Application. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. FSX cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to listing a new vehicle on the TSXV. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, FSX does not undertake to publicly update or revise forward-looking information.

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SOURCE Fosterville South Exploration Ltd.

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Atari Token Now Generally Available on Changelly to Make Premier Video Game Token More Accessible in the USA

Atari Token Listing on Top Exchanges Creates More Volume and Integration, Enabling In-App Trading to Any Wallet Owner

NEW YORK/PARIS, Nov. 13, 2020 (GLOBE NEWSWIRE) — (via Blockchain Wire) The Atari Group (https://www.atarichain.com/), one of the world’s most iconic consumer brands and interactive entertainment producers, today announced that Atari Token (ATRI), an ERC-20 token primed to be the standard for the video game and entertainment industry, is now listed on renowned cryptocurrency exchanges, Changelly and HitBTC. Changelly enables in-app trading to any wallet owner and breaks down barriers to entry by providing users with increased accessibility to its non-custodial service without the need for accounts. Following the successful listing and open trading of Atari Token on Bitcoin.com Exchange, one of the leading authorities in cryptocurrency exchanges, now listing on these top exchanges creates more volume and integration of Atari token. 

This listing advances Atari’s mission to command the crypto space by establishing Atari Token as the token of reference for the entire video game and entertainment industry and bolster adoption as well as use cases of the Atari Token throughout the blockchain and gaming ecosystem. Atari Token provides a series of benefits to users, allowing them more access to a variety of platforms via atarichain.com, the Atari wallet and more generally the creation of a blockchain-based ecosystem around the Atari brand. Atari  Token also provides a wide range of usage and integration capabilities including: 

  • Monetization of digital assets;
  • Means of payment for smart contracts;
  • Compatibility with crypto-currency wallets and decentralized applications;
  • Speeds of up to 20 transactions per second;
  • Easy token transfers and exchanges;
  • Visibility as a tradeable asset within the crypto-market.


“While a key use of Atari Token will be as a payment tool within our ecosystem, our goal has never been to limit its use to our own proprietary platform,” said Frédéric Chesnais, CEO of Atari. “We have already identified several categories in the current market that can benefit from Atari Token and have recently entered into many partnership agreements to expand its adoption.”

The first use cases for Atari Token are in the domains where the Atari Group is already active: video games or blockchain games, with objectives to expand into DeFi for game financing. Gamers can use Atari Token for in-game transactions like purchasing avatars and accessories or participating in games and tournaments while companies and partners can use Atari Token for services such as testing and programming fulfilled through smart contracts, as well as for the development of blockchain-based games and payment systems. The list of full partnerships is available at www.atarichain.com.

The Atari Token is issued by Atari Chain, Ltd (Gibraltar). Prospective purchasers of the Atari Token can already register and proceed with KYC/AML procedures, using the registration page set up on the Bitcoin.com Exchange IEO, Changelly and/or HitBTC platform.

For more information about the Atari Token, please visit www.atarichain.com.

About Atari

Atari, composed of Atari SA and its subsidiaries, is a global interactive entertainment and multiplatform licensing group. The true innovator of the video game, founded in 1972, Atari owns and/or manages a portfolio of more than 200 games and franchises, including globally known brands such as Asteroids®, Centipede®, Missile Command® and Pong®. From this important portfolio of intellectual properties, Atari delivers attractive online games for smartphones, tablets, and other connected devices. Atari also develops and distributes interactive entertainment for Microsoft, Sony and Nintendo game consoles. Atari also leverages its brand and franchises with licensing agreements through other media, derivative products and publishing. 



The Transform Group
Contact Name: Transform Group
Contact Email: [email protected] 

Internal:
Contact Name: Peter Dao
Contact Email: [email protected]

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MindMed Announces Q3 2020 Financial Results;

Cash Reserves Total $37.8 million USD ($50.1 million CAD) Post October Financing

PR Newswire

TORONTO, Nov 13, 2020 /PRNewswire/ — MindMed (NEO: MMED) (OTCQB: MMEDF), a leading psychedelic medicine biotech company, has announced its third quarter financial results for the three and nine months ended September 30, 2020. 

Complete financial statements along with related management discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval, the electronic filing system for the disclosure documents of issuers across Canada at www.SEDAR.com.


Financial Highlights (in USD)

  • Total assets as of September 30, 2020 were $23.7 million, including $18.2 million in cash.
  • Net and comprehensive loss of $8.6 million for the three months ended Sep 30,2020, and $21.4 million for the nine months ended September 30, 2020.


Subsequent Financing

On October 30, 2020, Mind Medicine announced the closing of a financing for gross proceeds of USD $21.6 million ($28.8 million CAD). Post October financing the Company had cash reserves of USD $37.8 million ($50.1 million CAD) to enable continued progress of its clinical trial pipeline of psychedelic inspired medicines and experiential therapies.


Earnings Call

An earnings call will be held Monday, November 16, 2020 at 2:00 pm ET. Details for registration here: https://us02web.zoom.us/webinar/register/WN_SoZ9Ho_5Q1S4ukCz1yDC1w


About MindMed

MindMed is a psychedelic medicine biotech company that discovers, develops and deploys psychedelic inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC. The MindMed executive team brings extensive biopharmaceutical experience to the company’s groundbreaking approach to developing the next-generation of psychedelic inspired medicines and experiential therapies.

MindMed trades on the Canadian exchange NEO under the symbol MMED. MindMed is also traded in the United States under the symbol MMEDF and in Germany under the symbol MMQ. For more information: www.mindmed.co


MindMed Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties relating to future events and performance of Mind Medicine (MindMed) Inc. (“MindMed”), and actual events or results may differ materially from these forward-looking statements. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” variations of such words, and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements contain these identifying words. These statements concern, and these risks and uncertainties include, among others, MindMed’s and its collaborators’ ability to continue to conduct research and clinical programs, MindMed’s ability to manage its supply chain, product sales of products marketed by MindMed and/or its collaborators (collectively, ” Products”), and the global economy; the nature, timing, and possible success and therapeutic applications of Products and Product candidates and research and clinical programs now underway or planned; the likelihood, timing, and scope of possible regulatory approval and commercial launch of Product candidates and new indications for Products; unforeseen safety issues resulting from the administration of Products and Product candidates in patients, including serious complications or side effects in connection with the use of MindMed’s Products and product candidates in clinical trials; determinations by regulatory and administrative governmental authorities which may delay or restrict MindMed’s ability to continue to develop or commercialize Products; ongoing regulatory obligations and oversight impacting Products, research and clinical programs, and business, including those relating to patient privacy; uncertainty of market acceptance and commercial success of Products and Product candidates and the impact of studies on the commercial success of Products and Product candidates; the availability and extent of reimbursement of Products from third-party payers, including private payer healthcare and insurance programs, health maintenance organizations, pharmacy benefit management companies, and government programs such as Medicare and Medicaid; competing drugs and product candidates that may be superior to Products and Product candidates; the extent to which the results from the research and development programs conducted by MindMed or its collaborators may be replicated in other studies and lead to therapeutic applications; the ability of MindMed to manufacture and manage supply chains for multiple products and product candidates; the ability of MindMed’s collaborators, suppliers, or other third parties (as applicable) to perform manufacturing, filling, finishing, packaging, labelling, distribution, and other steps related to MindMed’s Products and product candidates; unanticipated expenses; the costs of developing, producing, and selling products; the ability of MindMed to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance; the potential for any license or collaboration agreement to be cancelled or terminated without any further product success; and risks associated with intellectual property of other parties and pending or future litigation relating thereto, other litigation and other proceedings and government investigations relating to MindMed and its operations, the ultimate outcome of any such proceedings and investigations, and the impact any of the foregoing may have on MindMed’s business, prospects, operating results, and financial condition. Any forward-looking statements are made based on management’s current beliefs and judgment. MindMed does not undertake any obligation to update publicly any forward-looking statement.

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SOURCE Mind Medicine (MindMed) Inc.

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SAP Investor Presentations in the Fourth Quarter 2020

PR Newswire

WALLDORF, Germany, Nov. 13, 2020 /PRNewswire/ — SAP SE (NYSE: SAP) today announced the following investor presentations:

Morgan Stanley European Technology, Media and Telecoms Conference

Luka Mucic, CFO and Member of the Executive Board of SAP SE, will speak at the Morgan Stanley European Technology, Media and Telecoms Conference 2020 on November 19th, 2020 at 1:40 pm (CET) / 12:40 pm (GMT) / 7:40 am (EST) / 4:40 am (PST).

Wells Fargo Technology Conference

Christian Klein, CEO and Member of the Executive Board of SAP SE, will speak at the Wells Fargo Technology Conference 2020 on December 1st, 2020 at 2:00 pm (CET) / 1:00 pm (GMT) / 8:00 am (EST) / 5:00 am (PST).

A live audio webcast of SAP’s presentations at the Morgan Stanley and Wells Fargo conferences as well as a replay will be available for limited time via SAP’s Investor Relations website: www.sap.com/investor.

About SAP
SAP’s strategy is to help every business run as an intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: 77% of the world’s transaction revenue touches an SAP® system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into intelligent enterprises. SAP helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want – without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, SAP helps the world run better and improve people’s lives. For more information, visit www.sap.com.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

© 2020 SAP SE. All rights reserved.

No part of this publication may be reproduced or transmitted in any form or for any purpose without the express permission of SAP SE. The information contained herein may be changed without prior notice.

Some software products marketed by SAP SE and its distributors contain proprietary software components of other software vendors. National product specifications may vary.

These materials are provided by SAP SE and its affiliated companies (“SAP Group”) for informational purposes only, without representation or warranty of any kind, and SAP Group shall not be liable for errors or omissions with respect to the materials. The only warranties for SAP Group products and services are those that are set forth in the express warranty statements accompanying such products and services, if any. Nothing herein should be construed as constituting an additional warranty.

 

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SOURCE SAP SE

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Pacific Health Care Organization, Inc. Reports Third Quarter 2020 Results

Newport Beach, CA, Nov. 13, 2020 (GLOBE NEWSWIRE) — Pacific Health Care Organization, Inc., (the “Company”) (OTCQB: PFHO) today filed with the Securities and Exchange Commission (the “Commission”) its quarterly report on Form 10-Q announcing its financial results for the periods ended September 30, 2020.

Results

The Company reported net income of $136,997 or $0.01 per basic and fully diluted common share for the three months ended September 30, 2020, compared to net income of $351,749 or $0.03 per basic and fully diluted common share, for the three months ended September 30, 2019.  For the first nine months of 2020, the Company reported net income of $366,714 or $0.03  per basic and fully diluted common share, compared to net income of $915,016 or $0.07 per basic and fully diluted common share for the first nine months of 2019.

Total revenues for the third quarter 2020 were $1,415,754 compared to $1,838,705 for the same period in 2019, a decrease of $422,951 or 23 percent.  For the first nine months of 2020 the Company recorded total revenue of $4,435,169  compared to total revenues of $5,437,462 for the same period in 2019, a decrease of $1,002,293 or 18 percent.

Net cash provided by operating activities decreased to $700,538 during the nine months ended September 30, 2020, compared to $1,075,267 for the same period in 2019, a decrease of $374,729, or 35 percent.  Cash balance at September 30, 2020, and December 31, 2019, was $9,212,599 and $8,104,164, respectively.

About Pacific Health Care Organization, Inc.

The Company specializes in workers’ compensation cost containment.  The Company’s business objective is to deliver value to its clients that reduces their workers’ compensation related medical claims expense in a manner that will assure that injured employees receive high quality healthcare that allows them to recover from injury and return to gainful employment without undue delay.  Workers’ compensation costs continue to increase due to rising medical costs, inflation, fraud and other factors.  Medical and indemnity costs associated with workers’ compensation in the state of California are billions of dollars annually.  Through its wholly-owned subsidiaries, the Company provides a range of effective workers’ compensation cost containment services, including but not limited to, Health Care Organizations, Medical Provider Networks, HCO + MPN, Workers’ Compensation Carve-Outs, Utilization Review, Medical Bill Review, Medical Case Management, Lien Representation, Legal Support and Medicare Set-Aside services.

“Safe Harbor” Statement: Statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements.  Forward-looking statements are based on management’s current judgment, expectations, estimates, projections and assumptions about future events.  While management believes these assumptions are reasonable, such statements are not guarantees of future results and involve certain risks and uncertainties which are difficult to predict.  Therefore, actual results and trends may differ materially from what is forecast in any forward-looking statement due to a variety of factors.  Additional information regarding these factors, such as the potential loss of one or more key customers or the impacts of the COVID-19 pandemic, is contained in the Company’s filings with the Commission, including without limitation, its annual report on Form 10-K and its quarterly reports on Form 10-Q.   

All forward-looking statements speak only as of the date they were made.  The Company does not undertake any obligation to update or publicly release any revisions to any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

To view the Company’s quarterly report on Form 10-Q for the periods ended September 30, 2020, filed with the Commission today and the Company’s annual, quarterly and current reports and other information the Company files with the U.S. Securities and Exchange Commission go to:  http://www.sec.gov.  You may also view our annual report on Form 10-K on our website at http://www.pacifichealthcareorganization.com.



Pacific Health Care Organization, Inc.

1201 Dove Street, Suite 300

Newport Beach, California 92660

(949) 236-8925

Website:  http://www.pacifichealthcareorganization.com

Contact:   Fred Odaka – CFO

Email:       [email protected]

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SHAREHOLDER ALERT: Rigrodsky & Long, P.A. Announces Investigation of Urovant Sciences Ltd. Buyout

WILMINGTON, Del., Nov. 13, 2020 (GLOBE NEWSWIRE) — Rigrodsky & Long, P.A. announces that it is investigating Urovant Sciences Ltd. (“Urovant”) (NASDAQ GS: UROV) regarding possible breaches of fiduciary duties and other violations of law related to Urovant’s agreement to be acquired by Sumitovant Biopharma Ltd. Under the terms of the agreement, Urovant’s shareholders will receive $16.25 in cash per share.

To learn more about this investigation and your rights, visit: https://www.rl-legal.com/cases-urovant-sciences-ltd.

You may also contact Seth D. Rigrodsky or Gina M. Serra cost and obligation free at (888) 969-4242 or [email protected].

Rigrodsky & Long, P.A., with offices in Delaware and New York, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in securities fraud and corporate class actions nationwide.

Attorney advertising.  Prior results do not guarantee a similar outcome.

CONTACT:         

Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Gina M. Serra
(888) 969-4242 (Toll Free)
(302) 295-5310
Fax: (302) 654-7530
[email protected]
https://rl-legal.com



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Oryx Petroleum Q3 2020 Financial and Operational Results

Canada NewsWire


Average gross (100%) oil production re-established at 11,700 bbl/d in the third quarter versus 4,000 bbl/d for the second quarter of 2020; success at and continued focus on minimizing costs

CALGARY, AB, Nov. 13, 2020 /CNW/ – Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) today announces its financial and operational results for the three and nine months ended September 30, 2020. All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated.

Financial Highlights:

  • Total revenues of $22.0 million on participating interest sales of 698,900 barrels of oil (“bbl”) and an average realised sales price of $26.35/bbl for Q3 2020
    • 38% decrease in revenues versus Q3 2019, attributable to a 43% decrease in realised sales price
    • The Corporation has received payment in accordance with Production Sharing Contract entitlements for all deliveries into the Kurdistan Oil Export Pipeline through October 2019 and for the months of March through September of 2020
    • Payments for the months of November 2019, December 2019, January 2020, and February 2020 remain outstanding with the Contractor share totalling $39 million. The Corporation is actively pursuing the outstanding payments but timing of full settlement is undefined. The Corporation continues to expect future monthly sales invoices to be settled in the month following delivery
  • Operating expenses of $7.1 million ($10.11/bbl) and an Oryx Petroleum Netback1 of $7.87/bbl for Q3 2020
  • Profit of $30.1 million ($0.05 per common share) in Q3 2020 versus profit of $18.3 million in Q3 2019 ($0.03 per common share)
    • The increase in profit in Q3 2020 compared to Q3 2019 is primarily attributable to a $26.9 million gain recorded on the settlement of the loan facility with AOG International Holdings Limited partially offset by a $7 million decrease in net revenues and a reduction of $7.5 million in the non-cash gain resulting from the decrease in the fair value of the contingent consideration obligation
  • Net cash generated by operating activities was $3.6 million in Q3 2020 versus $9.7 million in Q3 2019, comprised of Operating Funds Flow2 of $3.7 million less a $0.1 million increase in non-cash working capital
  • Net cash used in investing activities during Q3 2020 was $3.3 million including payments related to facilities costs and drilling preparations in the Hawler license area
  • $11.0 million of cash and cash equivalents as of September 30, 2020

__________________________________


1 Oryx Petroleum Netback is a non-IFRS measure. See the table below for a definition of and other information related to the term.


2 Operating Funds Flow is a non-IFRS measure. See the table below for a definition of and other information related to the term.

Operations Update:

  • Average gross (100%) oil production of 11,700 bbl/d (participating interest 7,600 bbl/d) in Q3 2020
  • Average gross (100%) oil production of 13,300 bbl/d (participating interest 8,700 bbl/d) for October 2020
  • Operations at the Banan field in the Hawler license area restarted in July 2020 following improvement in oil price
  • In October 2020, an acid stimulation treatment was performed on the Demir Dagh-3 horizontal well completed in the Cretaceous reservoir. The well is currently being operated intermittently to determine the maximum sustained rate at which it can be produced without promoting excessive production of associated gas. The well may be recompleted in the future in order to obtain more effective isolation of the oil producing completion from the associated gas cap
  • Renovation of a previously constructed well pad in the Zey Gawra field has been completed in preparation for the spudding of a new well targeting the Tertiary reservoir before year end
  • The worldwide outbreak of the COVID-19 virus, including within Iraq, has not caused any significant disruption of production operations. The Corporation is continuing to take precautions to protect its employees and contractors but does not expect that the ongoing virus outbreak will restrict operations

Liquidity Outlook:

  • The Corporation expects cash on hand as of September 30, 2020, cash receipts from net revenues from export sales exclusively through the Kurdistan Oil Export Pipeline, and proceeds from the short-term credit facility provided by Zeg Oil and Gas Limited (“ZOG”) will allow it to fund its committed capital expenditure and forecasted operating and administrative costs through the end of 2021 and to reduce obligations currently due to suppliers
  • In the prevailing oil price environment, contingent consideration obligations are anticipated not to become payable before 2022

CEO’s Comment

Commenting today, Oryx Petroleum’s Chief Executive Officer, Vance Querio, stated:

“During the third quarter OP Hawler Kurdistan Limited continued to operate safely, without any recordable incidents, notwithstanding restrictions imposed due to the COVID-19 outbreak. We are very fortunate that although we have had several employees test positive for COVID-19 during the quarter, none have suffered from serious symptoms and our operations have been unaffected by the occasional absence of a quarantined employee.

In addition to conducting our routine production operations, we have been busy during this past quarter planning our fourth quarter rig activity and resurrecting and renewing our portfolio of service contracts so that we will be able to work unimpeded in the new year. We have restored the normal rotation of most of our drilling, HSE and security consultants and are planning to move a rig into the Banan field in the coming days to replace a leased jet pump in the Banan-4 well with a more cost effective progressive cavity pump that we have purchased.

Following the pump replacement workover in the Banan field, we look forward to getting a rig back in the Zey Gawra field to drill our first well into the Tertiary reservoir there before continuing with additional development and appraisal activities.

Despite the current challenging oil price environment, which we expect will prevail for the duration of 2021, we intend to conduct a capital program in 2021 in order to increase our production capacity and further reduce our operating costs
.”

Selected Financial Results

Financial results are prepared in accordance with International Financial Reporting Standards (“IFRS”) and the reporting currency is US dollars. References in this news release to the “Group” refer to Oryx Petroleum and its subsidiaries. The following table summarises selected financial highlights for Oryx Petroleum for the periods indicated.


Three Months Ended
September 30


Nine Months Ended
September 30


Year Ended
December 31


($ in millions unless otherwise indicated)


2020


2019


2020


2019


2019

Revenue

22.0

35.7

58.1

109.6

150.5

Participating Interest Oil Production (bbl)

702,000

697,200

1,783,000

2,000,100

2,780,800

Average Participating Interest Oil Production per day (bbl/d)

7,600

7,600

6,500

7,300

7,600

Participating Interest Oil Sales (bbl)

698,900

698,600

1,783,200

2,003,300

2,781,000

Average Realised Sales Price ($/bbl)

26.35

46.05

28.55

49.26

48.72

Operating Expense

7.1

7.2

18.3

21.4

28.9

Field Production Costs ($/bbl)(1)

6.57

7.85

7.38

8.16

7.96

Field Netback ($/bbl)(2)

6.30

14.65

6.56

15.90

15.95

Operating Expenses ($/bbl)

10.11

10.27

10.25

10.67

10.41

Oryx Petroleum Netback ($/bbl)(3)

7.87

17.33

7.72

18.85

18.90

Profit (Loss)

30.1

18.3

(223.3)

22.1

(59.2)

Basic and Diluted Earnings (Loss) per Share ($/sh)

0.05

0.03

(0.40)

0.04

(0.11)

Operating Funds Flow(4)

3.7

9.8

7.9

30.8

26.9

Net Cash Generated by Operating Activities

3.6

9.7

13.5

29.7

28.1

Net Cash used in Investing Activities

(3.3)

(7.5)

(12.4)

(25.1)

(35.1)

Capital Expenditure(5)

15.7

11.9

25.5

24.9

38.2

Cash and Cash Equivalents

11.0

20.4

11.0

20.4

8.9

Total Assets

491.0

826.5

491.0

826.5

768.3

Total Liabilities

149.2

186.2

149.2

186.2

209.2

Total Equity

341.8

640.3

341.8

640.3

559.1


(1)


Field production costs represent Oryx Petroleum’s participating interest share of gross production costs and exclude the partner share of production costs carried by Oryx Petroleum.


(2)


Field Netback is a non-IFRS measure that represents the Group’s participating interest share of oil sales net of the Group’s participating interest share of royalties, the Group’s participating interest share of operating expenses and the Group’s participating interest share of taxes. Management believes that Field Netback is a useful supplemental measure to analyse operating performance and provides an indication of the results generated by the Group’s principal business activities prior to the consideration of production sharing contract and joint operating agreement financing characteristics, and other income and expenses. Field Netback does not have a standard meaning under IFRS and may not be comparable to similar measures used by other companies.


(3)


Oryx Petroleum Netback is a non-IFRS measure that represents Field Netback adjusted to reflect the impact of carried costs incurred and recovered through the sale of cost oil during the reporting period. Management believes that Oryx Petroleum Netback is a useful supplemental measure to analyse the net cash impact of the Group’s principal business activities prior to the consideration of other income and expenses. Oryx Petroleum Netback does not have a standard meaning under IFRS and may not be comparable to similar measures used by other companies.


(4)


Operating Funds Flow is a non-IFRS measure that represents cash generated from operating activities before changes in non-cash assets and liabilities. The term Operating Funds Flow should not be considered an alternative to or more meaningful than “cash flow from operating activities” as determined in accordance with IFRS. Management considers Operating Funds Flow to be a key measure as it demonstrates the Group’s ability to generate the cash flow necessary to fund future growth through capital investment. Operating Funds Flow does not have any standardised meaning prescribed by IFRS and may not be comparable to similar measures used by other companies.


(5)


Capital expenditure includes non-cash increases.

 

  • In March 2015, Oryx Petroleum entered into a committed and unsecured term loan facility agreement with AOG International Holdings Limited. On July 23, 2020, the Corporation settled the loan in full through the transfer of the Group’s 100% shareholding in OP AGC Central Limited to AOG International Holdings Limited. The loan balance (including accrued and unpaid interest) at the time of settlement amounted to $80.5 million
  • On August 26, 2020, Oryx Petroleum entered an interest-free $10 million credit facility agreement with ZOG. There is no commitment fee and any amounts drawn under this facility are due at the earlier of (i) the third business day after the Corporation has received payments from the Ministry of Natural Resources of the KRG representing 50% of the total amount owing for oil sales during the period from November 2019 to February 2020, or (ii) July 31, 2022. A total of $5 million has been drawn under this facility
  • The Corporation is obligated to make further payments to the vendor of the Hawler license area contingent upon declaration of a second commercial discovery in the Hawler license area
    • Contingent upon declaration of a second commercial discovery in the Hawler license area, a lump-sum payment of $66.0 million plus accrued interest is payable. The estimated fair value of the contingent consideration as at September 30, 2020 was $49.6 million. The estimated fair value of the contingent consideration was revised downwards by $6.8 million versus Q2 2020 utilising the methodology adopted in Q3 2019 that incorporates weighted probabilities of potential outcomes, including an outcome where there is no second declaration of commercial discovery. As at September 30, 2020, the total balance of principal and accrued interest potentially owed under the contingent consideration obligation was $76.3 million
  • As at the date of this release there are outstanding (i) 578,197,218 common shares, (ii) 16,716,008 unvested Long Term Incentive Plan awards which are expected to result in the issuance of additional common shares upon vesting, and (iii) 39,281,804 common share purchase warrants

Q4 2020 Capital Expenditure Forecast

Oryx Petroleum re-forecasted capital expenditures for 2020 are $21 million, decreased from the previously announced forecast of $22 million. The decrease reflects the deferral of certain infrastructure works into 2021. 

The previously announced stimulation of the Demir Dagh-3 well was completed in October 2020. Planned expenditures for the balance of 2020 consist of planned installation of a pump at the Banan-4 well, the drilling of a new well targeting the Zey Gawra Tertiary reservoir, and construction of a drilling pad in the eastern fault block of the Banan field.

Amendments to Articles of Incorporation

A special meeting of the shareholders of the Corporation will be held virtually on Friday, November 27, 2020 to consider amendments to the Corporation’s articles of incorporation to: (i) change the name of the Corporation, (ii) permit the appointment of additional directors between annual meetings provided that the total number of directors so appointed does not exceed one third of the number of directors elected at the previous annual meeting of shareholders, and (iii) allow for meetings of shareholders to be held at certain places outside of Canada.

Further information regarding the proposed amendments is set out in the Notice of Special Meeting of Shareholders and Management Proxy Circular, each dated October 21, 2020, which are available at www.oryxpetroleum.com or under Oryx Petroleum’s profile at www.sedar.com. Shareholders are encouraged to return their proxy or voting instruction form as soon as possible. Given COVID-19 related delays in mail delivery, particularly from locations outside Canada, shareholders are further encouraged to vote by telephone or the Internet as provided for on the proxy or voting instruction form.

If shares are held on a shareholder’s behalf by a broker, bank or other agent, the shareholder should consider contacting such broker, bank or other agent for information regarding how to vote their shares.

Regulatory Filings

This announcement coincides with the filing with the Canadian securities regulatory authorities of Oryx Petroleum’s unaudited condensed consolidated financial statements for the three and nine months ended September 30, 2020 and the related management’s discussion and analysis thereon.  Copies of these documents filed by Oryx Petroleum may be obtained via www.sedar.com and the Corporation’s website, www.oryxpetroleum.com. 

ABOUT ORYX PETROLEUM CORPORATION LIMITED

Oryx Petroleum is an international oil exploration, development and production company. The Corporation’s shares are listed on the Toronto Stock Exchange under the symbol “OXC”. Oryx Petroleum has a 65% participating interest in and operates the Hawler license area in the Kurdistan Region of Iraq, which has yielded oil discoveries in four areas, three of which are contributing to production while appraisal and development activity continues. Further information about Oryx Petroleum is available at www.oryxpetroleum.com or under Oryx Petroleum’s profile at www.sedar.com.


Reader Advisory Regarding Forward-Looking Information

Certain statements in this news release constitute “forward-looking information”, including statements related to forecast work program and capital expenditure, drilling and well workover plans, development plans and schedules and chance of success, future drilling of wells and the reservoirs to be targeted, future facilities work, ultimate recoverability of current and long-term assets, possible commerciality of our projects, future expenditures and sources of financing for such expenditures, expectations that cash on hand as of September 30, 2020, cash receipts from net revenues from export sales exclusively through the Kurdistan Oil Export Pipeline, and proceeds from the short-term credit facility provided by ZOG will allow the Corporation to fund its committed capital expenditure and forecasted operating and administrative costs through the end of 2021 and to reduce obligations currently due to suppliers, the issuance of shares as a result of the vesting of Long Term Incentive Plan awards and the exercise of warrants, future requirements for additional funding, the expected timing for receipt of payment for outstanding oil sales invoices for the months of November 2019, December 2019, January 2020, and February 2020 and future oil sales invoices, expectations that the COVID-19 virus outbreak will not restrict operations, plans to continue focus on minimizing costs, estimates for the fair value of the contingent consideration arising from the acquisition of OP Hawler Kurdistan Limited in 2011, the expected timing for settlement of liabilities including the contingent consideration arising from the acquisition of OP Hawler Kurdistan Limited in 2011, and statements that contain words such as “may”, “will”, “could”, “should”, “anticipate”, “believe”, “intend”, “expect”, “plan”, “estimate”, “potentially”, “project”, or the negative of such expressions and statements relating to matters that are not historical fact, constitute forward-looking information within the meaning of applicable Canadian securities legislation.

Although Oryx Petroleum believes these statements to be reasonable, the assumptions upon which they are based may prove to be incorrect.  For more information about these assumptions and risks facing the Corporation, refer to the Corporation’s annual information form dated March 23, 2020 available at www.sedar.com and the Corporation’s website at www.oryxpetroleum.com. Further, statements including forward-looking information in this news release are made as at the date they are given and, except as required by applicable law, Oryx Petroleum does not intend, and does not assume any obligation, to update any forward-looking information, whether as a result of new information, future events or otherwise.  If the Corporation does update one or more statements containing forward-looking information, it is not obligated to, and no inference should be drawn that it will make additional updates with respect thereto or with respect to other forward-looking information.  The forward-looking information contained in this news release is expressly qualified by this cautionary statement.


Reader Advisory Regarding Certain Figures

Unless provided otherwise, all production and capacity figures and volumes cited in this news release are gross (100%) values, indicating that figures (i) have not been adjusted for deductions specified in the production sharing contract applicable to the Hawler license area, and (ii) are attributed to the license area as a whole and do not represent Oryx Petroleum’s participating interest in such production, capacity or volumes.

SOURCE Oryx Petroleum Corporation Limited

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INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against Interface, Inc.

NEW YORK, Nov. 13, 2020 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired  Interface, Inc. (“Interface” or the “Company”) (NASDAQ: TILE) securities during the period from March 2, 2018 through September 28, 2020, both dates inclusive (the “Class Period”). Investors have until January 11, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Interface had inadequate disclosure controls, procedures, and internal control over financial reporting; (ii) consequently, Interface, inter alia, reported artificially inflated income and earnings per share (“EPS”) in 2015 and 2016; (iii) Interface and certain of its employees were under investigation by the Securities and Exchange Commission (“SEC”) with respect to the foregoing issues since at least as early as November 2017, had impeded the SEC’s investigation, and downplayed the true scope of the Company’s wrongdoing and liability with respect to the SEC investigation; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

On April 24, 2019, Defendants filed a current report on Form 8-K with the SEC, disclosing that Interface “received a letter in November 2017 from the [SEC] requesting that the Company voluntarily provide information and documents in connection with an investigation into the Company’s historical quarterly [EPS] calculations and rounding practices during the period 2014-2017”; that “[t]he Company subsequently received subpoenas from the SEC in February 2018, July 2018 and April 2019 requesting additional documents and information”; and that “[i]n the fourth quarter of 2018, the Company conducted at the SEC’s request an internal investigation into these and other related issues for seven quarters in 2015, 2016 and 2017.” On this news, Interface’s stock price fell $1.43 per share, or 8.37%, to close at $15.66 per share on April 25, 2019.

Then, on September 28, 2020, the SEC announced the conclusion of its investigation into Interface’s historical quarterly EPS calculations and rounding practices. Interface agreed to pay a $5 million fine to resolve the matter and was ordered to cease and desist from violating the federal securities laws. In the SEC’s enforcement order issued that same day, the SEC also disclosed how, inter alia, “Interface employees caused Interface to produce documents in response to Commission investigative requests that were suggestive of contemporaneous support for journal entries that, in truth, did not exist at the time the entries were recorded,” and had modified certain documents after the SEC’s investigation began. On this news, Interface’s stock price fell $0.20 per share, or 3.13%, over the following two trading sessions to close at $6.18 per share on September 29, 2020.

If you acquired Interface securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.

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Contacts

Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
[email protected]
www.kmllp.com