PALM BEACH, Florida, May 16, 2017 /PRNewswire/ --
Vinergy Resources Ltd. (OTCQB: VNNYF) (CSE: VIN) in conjunction with its proposed acquisition of MJ Biopharma (announced December 14, 2016) is pleased to announce that, due to increased demand, the non-brokered private placement offering announced on May 11, 2017 has been increased to USD $400,000. The Company will now issue up to 800,000 units (the 'Units') at a price of USD $0.50 per Unit for gross proceeds of up to USD $400,000 (the 'Offering'). Each Unit will consist of one common share in the capital of the Company (a 'Share') and one transferable common share purchase warrant (a 'Warrant'), with each warrant exercisable into one additional share at a price of USD $1.00 for a period of three years from the date of closing (subject to acceleration in certain circumstances). Read this and more news for Vinergy Resources at:http://www.marketnewsupdates.com/news/vnnyf.html
Vinergy Resources recently announced that it has signed a definitive agreement with 1099955 B.C. LTD. dba MJ BioPharma ('MJ BioPharma') whereby Vinergy will purchase 100% of MJ BioPharma, a cannabis technology company. Pursuant to the terms of the Agreement, the Company will acquire all of the issued and outstanding securities of MJ BioPharma. MJ Biopharma is a cannabis technology company with a team of experienced business and medical professionals, biochemists and researchers.
In conjunction with acquisition of MJ Biopharma, the Company announced it has developed a disruptive solvent-based extraction system. The project currently underway for an existing customer, utilizes an ethanol / CO2 co-solvent blend and specialized equipment to achieve medicinal products with significantly increased purity. The current iteration of the machine has the physical footprint of a standard shipping skid and incorporates safety and process control systems in one easy-to-use platform.
In other industry news and market performance of note in the sector:
Terra Tech Corp. (OTCQX: TRTC) closed up on Monday at $0.197 trading over 2.5 million shares by the market close. Terra Tech Corp last week announced its first quarter 2017 financial results for the period ended March 31, 2017. Derek Peterson, Chief Executive Officer of Terra Tech Corp., commented, "We are pleased to see the impact of our expansion strategy to open cannabis dispensaries in core target markets drive strong sales in the first quarter. We also reported higher sales of our wholesale IVXX-branded cannabis products as a result of its improved brand recognition coupled with expanded distribution channels. Total first quarter revenues were $6.8 million, representing a 340% increase over the prior year period and we are on track to meet our revenue guidance of $38 - $40 million for 2017."
mCig, Inc. (OTCQB: MCIG) closed up over 5% on Monday at $0.2425 trading over 3.4 million shares by the market close. mCig, Inc. yesterday announced some highlights of its year-end financial results: Net Sales increased to $4.5 million, a 158% increase year-to-year comparison, and a 1,294% increase for the 4th quarter compared to same period last fiscal year - Net income of $1.5 million compared to a $1.4 million loss from the previous year, and an increase of $2.9 million net earnings - Cash and cash equivalents of $1.6 million compared to $0.1 million from the previous year (a 1,369% increase), and a 400% increase from last quarter. mCig generated $2.1 million in cash from operating activities - mCig assets increased to $6.8 million, having 6 times more assets than it does liabilities. In addition to the highlights mentioned above, mCig Inc. was able to reduce its operating expenses by $730K (43%) from the previous year. In addition, mCig increased its gross profit by 20% to 36% compared to 16% from the previous year.
Radient Technologies Inc. (TSX-V: RTI.V) (OTC: RDDTF) closed up over 16% at $0.56 on Monday trading over 3.6 Million shares on the Canadian TSX Venture exchange by the market close. Radient Technologies announced yesterday the completion of the second phase of its previously announced joint venture research agreement with Aurora Cannabis Inc. (TSX-V: ACB. V)(OTCQX ACBFF). As previously announced, Radient and Aurora entered into a memorandum of understanding ('MOU') with regard to the exclusive joint development and commercialization of superior and standardized cannabinoid extracts for the Canadian market. In accordance with the MOU, the parties entered into a joint venture research agreement to confirm the effectiveness of Radient's MAP™ technology for cannabis extraction.
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