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The Mineral Company (OTCMKTS:IGEX) Looking to Breakout Back into Copper land As Co Lines Up Financing for Upcoming Merger

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1 year ago

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The Mineral Company (OTCMKTS:IGEX) is coming back after a recent significant drop to $0.002 caused by a misunderstanding with management as described below. IGEX speculators are looking for another breakout over $0.01, a level the stock reached just this past month, in mid-April. As we previously reported on IGEX, management has worked hard behind the scenes to get the Company “pink current” and the shell status removed. While IGEX has little assets besides the Jumilla property on its books, the Company has just $360k in total liabilities, $330k of which is the loan the Company took out to buy the Jumilla property in Spain. 

https://www.youtube.com/watch?v=tu9kllqyYPM

IGEX was a SPAC from Caren D Currier that recently went into the lithium business with the acquisition of a 50,000 sqm (or 538,196 SQ FT) lot located in Jumilla, Spain as well as acquiring the water rights, underground water reservoir, and existing extraction station, including 2 industrial water pumps. The Company is looking to close THREE MERGERS which are in the final phase of due diligence. Management has $8.4 million in financing lined up and available for being applied in order to push the first of the THREE MERGERS which are in the final phase of due diligence according to IGEX. Management also hopes that during the coming week they will be able to give a definitive confirmation about the cancellation and return to the treasury, 400 million common shares of IGEX already agreed upon and currently pending refinement on the part of the Transfer Agent.   

The Mineral Company Pte LTD formerly Indo Global Exchange(s) PteLtd (OTCMKTS:IGEX) is involved in the lithium and graphene industries. The first acquisition was completed on 27th January. 2022, and a second in February. The Company is actively and diligently working on an imminent merger with two attractive industry participants to continue offering shareholders and investors: smart investing, growth, and quick and recurring earning profits thanks to the solvency and the strong financial support of the Company’s preferred shareholder(s). True real value. IGEX has changed its name to “The Mineral Company” with the State of Colorado. However, the Company’s stock symbol remains the same “IGEX,” as well as the Cusip. In addition to filing a certificate of amendment to the Company’s articles of Incorporation with the Colorado Secretary of State, the Company also filed an Issuer Company-Related Action Notification Form with FINRA regarding the proposed corporate name change.

Earlier this year IGEX acquired a 50,000 sqm (or 538,196 SQ FT) lot located in Jumilla, Spain for a total of $300k plus an 11% RE tax assessment. The property is worth approximately $980,000 as reported independently by Arquitasa (Sociedad de Tasacin), which has been homologated by Banco de Espana. The transaction was financed by the Seller, in a 7-year term loan at 2% per annum, guaranteed by one of IGEX Preferred Shareholder. The Source of repayment will be from revenues generated. The Company also acquired water rights over the above referenced lots, underground water reservoir, and existing extraction station, including 2 industrial water pumps for a total of #$100k. 

IGEX continues to be immersed in its preparation, regulation, cleaning, restructuring and fine-tuning of the company, as requested and conditioned by third parties to proceed with the 3 planned mergers at a very advanced stage, in addition to finalizing the architecture and engineering plans for the logistics plant, among other activities planned therein on its developable land located in Jumilla (Spain) already acquired by IGEX at the beginning of the current year. 

According to the last press release; management has $8.4 million financing lined up and available for being applied in order to push the first of the THREE MERGERS which are in the final phase of due diligence according to IGEX. Management also hopes that during the coming week they will be able to give a definitive confirmation about the cancellation and return to the treasury of IGEX the 400 million common shares already agreed upon and currently pending refinement on the part of the Transfer Agent.  

https://twitter.com/MaryMichelleNay/status/1529508125325373441

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IGEX

On May 19 IGEX signed an option agreement for the acquisition of 37,000 tons of fluvial sands with a high concentration of high value minerals for ten million USD. The acquired material, which comes from Colombia, has a high concentration of minerals such as Rhodium, Lithium, and Silicon and, in lower concentrations, Ruthenium, Palladium, Silver, Gold, and Thorium, as confirmed by SGS and Bureau Veritas analyses, two of the most prestigious firms worldwide. IGEX personnel has traveled from Europe to Florida, where 7,000 tons of this material are stored and took random samples which are being tested. The remaining 30,000 tons are stored in a seaport in northern Colombia. IGEX planned to issue an initial 90 million shares, about $1,530,000 towards the $10 million purchase. Once the sands are refined and prepared for sale according to industry standards, IGEX estimated that the value of block minerals would reach minimum NINE DIGITS, even discounting transportation, handling, and refining costs, once the Lithium and Rhodium concentration is ratified in equivalent levels to those accredited by the seller. 

On May 23 the deal with CODISINCA was cancelled in a weirdly worded press release that stated: “Fruit of the enormous quantity of impertinent and unfortunate phone calls and absurd and inappropriate emails CODISINCA CORP received last Thursday afternoon and all Friday made by intraday speculators and supposed non-accredited IGEX investors and fake shareholders, which have generated an unbearable amount of tension between IGEX and the seller, both parties, by mutual agreement, have resolved to cancel the option purchase agreement that bound them in relation to the high-mineral fluvial sands in the terms initially agreed upon and give each other a much needed period for reflection until the procurement of the results of the two counter-analysis IGEX commissioned to two prestigious mineral experts in Belgium and China.” 

Microcapdaily has been reporting on IGEX for years, in an article from October 2021 we pointed out on Caren Currier: Caren D Currier is in the wheel house driving this merger. Caren has over 25 years of experience in accounting. Caren started her professional career helping her father with his construction company. While attending college, Caren was invited to intern with a CPA firm that had a number of construction firms as clients. This experience resulted in Caren’s pursuit of a career in cost accounting. Caren Currier served as the Controller/CFO for the previous management of Zalemark Holding Company, an OTC company.   

https://twitter.com/Andres_trader_A/status/1529498175668727808

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Currently trading at a $10 million market valuation IGEX has 4,171,941,731 shares outstanding and recently filed a 10Q showing just $330,000 in total liabilities. IGEX is an exciting story in small caps, the Company acquired a 50,000 sqm lithium property (or 538,196 SQ FT) located in Jumilla, Spain and acquired the water rights, underground water reservoir, and existing extraction station, including 2 industrial water pumps. IGEX is looking to close THREE MERGERS which are in the final phase of due diligence. Management has $8.4 million in financing lined up and available for being applied in order to push the first of the mergers. Management also hopes that during the coming week they will be able to give a definitive confirmation about the cancellation and return to the treasury, 400 million common shares of IGEX. Coming off a drop to $0.002 IGEX shareholders are looking for a breakout back to the $0.01 and beyond, well into copper land. We will be updating on IGEX when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with IGEX.

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Disclosure: we hold no position in IGEX either long or short and we have not been compensated for this article.

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Emerging Markets

Lucy Scientific Discovery’s (NASDAQ: LSDI) Game-Changing Move: A Closer Look at the High Times Acquisition

Published

3 weeks ago

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September 8, 2023

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On August 8th, 2023, Lucy Scientific Discovery Inc. (NASDAQ: LSDI), a leading developer in the psychedelic drug industry, witnessed an impressive surge in its stock value, gaining approximately 25% in combined trading, including after-hours (AH) trading. The British Columbia-based company made headlines by announcing its strategic move to acquire intellectual property (IP) from the renowned cannabis publication, High Times Holding Corp. (HHC).

Additional Background:

Under this agreement, Lucy will exchange 20% of its shares and a series of payments for access to HHC’s valuable IP portfolio, which includes the rights to generate licensing and royalty income from renowned brands like High Times, 420.com, and Cannabis Cup, along with their associated domain names.

Lucy’s commitment involves making semi-annual payments to HHC over a five-year period, structured around earnings before income, taxes, depreciation, and amortization (EBITDA) generated through the acquired IP. The flexibility exists for Lucy to fulfill these payments either in cash or through stock issuance and the announcement is generating considerable interest.

Furthermore, post-acquisition, Lucy will grant High Times the opportunity to operate retail outlets and distribute THC products bearing these prestigious brands within the United States. This privilege comes in exchange for an annual license fee of $1 million, set to double to $2 million annually once federal legalization of cannabis occurs in the country.

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Leveraging the brand rights secured from HHC, Lucy aims to bolster its revenue streams by expanding and enhancing its existing 18 licensing agreements, both domestically and internationally. These arrangements encompass a wide array of consumer products and merchandise, promising to further establish Lucy’s presence in the global market. The acquisition is expected to be finalized within the coming two weeks, marking a significant strategic move for Lucy Scientific Discovery Inc.

As a result of the acquisition, High Times is now a publicly-traded entity. Lucy anticipates that this agreement will contribute over $10 million in revenue to its financial results in the upcoming year, along with $5 million in EBITDA.

Adam Levin, the Executive Chairman of HHC, expressed optimism about the deal, noting, “This transaction will create exciting new growth opportunities for the High Times brand, under the leadership of Richard Nanula, a seasoned executive with extensive experience in major consumer brands and global corporations.”

Levin also emphasized High Times’ enthusiasm in becoming a significant shareholder of Lucy Scientific Discovery. Notably, Lucy completed its initial public offering and Nasdaq listing in February, offering 1,875,000 shares at $4.00 each.

Richard Nanula, CEO of the British Columbia-based company, shared his outlook on the acquisition, stating, “Lucy expects this acquisition to rapidly generate high-margin revenue within the global cannabis sector.”

In recent developments, Lucy introduced the sleep aid product “Twilight,” which includes amanita muscaria and reishi mushrooms. Additionally, the company joined forces with Wesana Health Holdings Inc. (OTCQB: WSNAF) in March to collaborate on the development of the CBD and psilocybin-based drug SANA-013, targeting conditions such as migraines, cluster headaches, and major depressive disorder.

High Times, founded in 1974, has a rich history, featuring works by renowned writers like Truman Capote and Hunter S. Thompson. Since 1988, its Cannabis Cup has stood as the most prestigious cannabis competition globally, with notable judges including Snoop Dogg, Joe Rogan, Tommy Chong, and other prominent figures in the cannabis industry.

While Lucy’s shares showed a nearly 16% increase to reach $0.68 on the Nasdaq exchange on Friday, it is worth noting that they have experienced a decline of over 77% over the past year.

Macro Trend:

In recent times, our articles have prominently featured cannabis-related topics, reflecting the growing popularity of stocks in this sector. LSDI’s acquisition aligns perfectly with the current climate, as the cannabis industry experiences a significant surge, coinciding with the Health and Human Services (HHS) exploring the possibility of reclassifying cannabis from Schedule I to Schedule III of the Controlled Substances Act.

While many countries around the world have already moved towards decriminalization and legalization, the United States has been relatively cautious in its approach. However, the consideration of such a reclassification represents a potential historic turning point. If such a change were to materialize, it would mark a substantial shift in the regulatory landscape, potentially revitalizing cannabis as an attractive investment opportunity. The industry is already showing signs of reestablishing its market presence and could once again become a noteworthy investment option.

We will update you on LSDI when more details emerge, subscribe to Microcapdaily to follow along!

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Disclosure: We have not been compensated for this article/video. MicroCap Daily is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.

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Emerging Markets

WM Technology’s (NASDAQ: MAPS) Stock Surges 91% in Mysterious Rally: What’s Behind the Boom?

Published

4 weeks ago

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September 5, 2023

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WM Technology’s (NASDAQ: MAPS) stock has exhibited remarkable growth, surging by an impressive 91% since August 16th, 2023. Intriguingly, this surge occurred in the absence of any substantial news or filings from the company, with their most recent release dating back to August 23rd, 2023. This limited information raises the question: What is driving this impressive rally? We will delve into the details below to shed light on the matter.

Cannabis Industry:

If you’ve been following our newsletter, you may have noticed our recent article spotlighting Flora Growth Corp. (NASDAQ: FLGC), along with larger players like Cronos Group Inc. (NASDAQ: CRON), and Canopy Growth Corporation (NASDAQ: CGC).

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In case you haven’t had a chance to read it, you can find the article here, featuring a dedicated section on the broader trends shaping the cannabis industry.

For those seeking a quick summary, a significant development has emerged in the cannabis landscape. A high-ranking official at the Department of Health and Human Services (HHS) has proposed moving cannabis from Schedule I to Schedule III of the Controlled Substances Act. This shift marks a historic moment and comes after a comprehensive yearlong investigation requested by President Biden.

It’s worth noting the potential implications of this change for U.S.-based, plant-touching marijuana companies. Currently, these companies are restricted from trading on major exchanges like the NYSE or NASDAQ and are relegated to smaller markets such as the OTC, or smaller Canadian markets like the TSX, CSE, or NEO.

The CEO of Trulieve Cannabis Corp. (OTC: TCNNF), Kim Rivers delves into these implications in a podcast conversation with a Twitter user known as @stock_mj. She also recommends keeping a close eye on the AdvisorShares Pure US Cannabis ETF (MSOS) as the cannabis sector garners increasing attention from investors.

Weedmap’s Earnings:

To evaluate the potential of MAPS, it’s essential to examine their recent earnings and assess the fundamentals. Here’s a brief overview of the news release.

Revenue: Amounted to $50.9 million, representing a decline compared to the same period in the prior year when it reached $58.3 million.

Net Income: Recorded at $2.0 million for the second quarter of 2023, marking a significant decrease from the previous year’s figure of $19.8 million.

Adjusted EBITDA: Showed substantial improvement, totaling $10.2 million in the second quarter of 2023, as opposed to a negative figure of $(0.6) million in the same period of the prior year.

Cash: As of June 30, 2023, the company held $24.6 million in cash, noteworthy for being entirely debt-free.

WM Technology’s Executive Chair, Doug Francis, underscored the company’s dedication to reinforcing its financial position and delivering sustained growth.

Guidance for the third quarter of 2023:

Revenue: An estimated $47 million.

Non-GAAP Adjusted EBITDA: Approximately $4 million.

It’s important to note that these projections are subject to potential variations based on various factors and developments.

Furthermore, WM Technology announced the transition to Moss Adams LLP as its new independent registered public accounting firm, effective upon the filing of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, following the resignation of Baker Tilly US, LLP due to staffing constraints.

Although the company maintains a debt-free status, it’s crucial to recognize that there has been a substantial decline in both revenue and net income. Consequently, it is advisable to exercise caution when considering investment, as the current trajectory of their top-line figures does not exhibit a positive trend.

https://twitter.com/5teelersfan/status/1699102436672299134?s=20

Weedmap’s Strategic Partnership:

Furthermore, the company made another recent announcement regarding its strategic partnership with the producer of “The Freak Brothers,” a celebrated stoner comic series that has captivated audiences for over five decades.

The series follows the adventures of three stoner characters and their cat, who awaken from a 50-year slumber induced by a magical strain of weed in 1969, now navigating life in contemporary San Francisco.

Key highlights of this partnership include in-episode Weedmaps integrations in the upcoming second half of “Freak Brothers” season two, commencing on September 24th. Additionally, exclusive “Smoke & Screen” events will be held across the U.S., bringing together influential figures from both the cannabis and entertainment industries.

“The Freak Brothers” series, based on Gilbert Shelton’s cult classic comic, celebrates its 55th anniversary with a star-studded voice cast for Season 2, featuring Woody Harrelson, John Goodman, Pete Davidson, Tiffany Haddish, Adam Devine, Blake Anderson, Andrea Savage, La La Anthony, ScHoolboy Q, and a special guest appearance by Joe Sikora.

To watch Season 2 of “The Freak Brothers,” visit Tubitv.com, and for cannabis-related information, explore Weedmaps.com. For more on “The Freak Brothers,” visit the official website at www.thefreakbrothers.com.

We will update you on MAPS when more details emerge, subscribe to Microcapdaily to follow along!

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Disclosure: We have not been compensated for this article/video. MicroCap Daily is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.

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Emerging Markets

Cannabis Industry Surges: Flora Growth Corp. (NASDAQ: FLGC) Leads the Way with 77% Intraday Jump

Published

1 month ago

on

August 31, 2023

By

Flora Growth Corp. (NASDAQ: FLGC) experienced a remarkable intraday surge of over 77%. While the company has made significant announcements recently, today’s surge occurred without any specific filings or press releases to explain it. There seems to be something substantial driving this trading frenzy, a broader force impacting the entire asset class.

It’s worth noting that established industry leaders like Canopy Growth Corporation (NASDAQ: CGC) and Cronos Group Inc. (NASDAQ: CRON) have faced significant downtrends in past years. However, today’s market activity also lifted their stocks along with others. To understand this trend, let’s take a closer look at the larger market dynamics at play.

 

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What Happened:

A top official at the Department of Health and Human Services (HHS) has recommended moving cannabis from Schedule I to Schedule III of the Controlled Substances Act, marking a historic shift. This move follows a comprehensive yearlong investigation requested by President Biden.

https://twitter.com/NotFinancialRep/status/1697189406665245149?s=20

In the short term, this won’t significantly impact the cannabis industry, as the Drug Enforcement Agency (DEA) needs to conduct its own review and the federal prohibition on marijuana remains. However, the HHS recommendation, if followed by the DEA, could happen within a year, possibly before the 2024 presidential election.

Long-term implications for the cannabis industry are uncertain, but a key immediate effect would be the elimination of Section 280e of the IRS tax code for cannabis businesses. This provision currently prevents them from claiming standard business deductions, a major financial burden.

While rescheduling won’t directly open up access to institutional banking, it may attract new capital sources due to reduced risk perception among investors. Smaller banks and lenders might become more willing to engage.

Eliminating 280e could also stimulate lending in an industry with high borrowing costs, as companies would have improved cash flow. This might lead to lower interest rates and greater access to operating and expansion capital.

Rescheduling could benefit publicly traded cannabis companies, potentially enticing more exchanges, like the Toronto Stock Exchange, to accept U.S.-based cannabis businesses. It could also encourage Congress to take further action, such as passing the SAFE Banking Act and broader reforms.

Overall, while the exact implications of rescheduling are uncertain, the HHS announcement signals progress toward a post-prohibition reality for the cannabis industry, which is a significant development.

https://twitter.com/S_Andreoni/status/1697289527180562880?s=20

Having set the stage with the broader cannabis industry context, let’s delve into Flora Growth’s recent developments and their implications for the company’s future. Is Flora Growth strategically positioned to leverage the potential easing of restrictions in the cannabis sector?

European Expansion:

Flora Growth just formed a partnership with TruHC Pharma GmbH, a leading medical cannabis expert based in Hamburg, Germany. TruHC holds key certifications for importing, distributing, and manufacturing medical cannabis and is awaiting an EU-GMP license for its cutting-edge cannabis laboratory.

Hendrik Knopp, a respected legal professional and entrepreneur, and his team from TruHC are joining Flora, bringing their extensive expertise in pioneering medical cannabis in Germany. This partnership is seen as very valuable, especially as Germany and the European Union move towards making medical cannabis more accessible to patients.

Clifford Starke, CEO of Flora, expressed excitement about the collaboration, recognizing the potential to contribute to the growth of the medical cannabis industry as regulations evolve. The partnership aims to capture a significant market share in Germany.

Hulk Hogan Partnership:

Flora Growth also just recently entered an exclusive worldwide partnership with WWE legend Hulk Hogan to launch a range of consumer products through Just Brands. These products will include CBD-infused items like pre-rolls, topicals, edibles, and more, which Flora will produce and sell globally. The partnership aims to capitalize on Hulk Hogan’s iconic status and Flora’s global distribution network. The initial agreement is for three years, with potential renewals, targeting $20 million in sales over the first 24 months. Flora will pay royalties and license fees for Hulk Hogan-branded products.

Conclusion:

In summary, the cannabis industry appears ready for a resurgence, buoyed by renewed investor optimism and shifting market dynamics. Our focus today was Flora Growth Corp. (NASDAQ: FLGC) but larger names like Canopy Growth Corporation (NASDAQ: CGC) and Cronos Group Inc. (NASDAQ: CRON) are among the many companies benefitting from this positive trend.

We will update you on FLGC when more details emerge, subscribe to Microcapdaily to follow along!

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Disclosure: We have not been compensated for this article/video. MicroCap Daily is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.

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