Welcome to our dedicated page for PlasCred Circular Innovations news (Ticker: MGPRF), a resource for investors and traders seeking the latest updates and insights on PlasCred Circular Innovations stock.
PlasCred Circular Innovations Inc. develops advanced plastic recycling technology in Alberta, with a focus on converting mixed and hard-to-recycle plastic waste into refined hydrocarbon condensate and circular naphtha used as feedstock for virgin plastic production. Its Primus pilot facility supports process validation, while Neos is described as the company’s proposed first commercial-scale facility.
Company announcements commonly address non-dilutive project funding from government and innovation programs, engineering and design work for Neos, capital-raise activity, commercial arrangements for condensate output, technology validation, industry coalition participation, and stock-option or other capital-structure matters.
PlasCred Circular Innovations Inc. (CSE: PLAS) (FSE: XV2), a leader in plastic waste upcycling, has announced the first tranche of its CAD$10 million Equity Growth Facility. An institutional investor has agreed to subscribe for 739,120 common shares at $0.0668 per share, expected to close by August 23, 2024. The company will also issue 2,050,000 Initial Warrants at $0.0767 and 2,050,000 Draw Down Warrants at $0.0735. A $300,000 commitment fee will be paid in cash or shares. The securities are issued under ASC Rule 72-501 and are not subject to a hold period.
PlasCred Circular Innovations has reported its Q1 2024 results, highlighting strategic partnerships and financial outcomes. The company announced a Growth Equity Agreement with Nimbus Capital, committing up to CAD $10M to fund various projects and operational needs. A significant milestone was the commissioning of the PlasCred Primus pilot plant with an 80% liquid yield, and the development of the Neos facility, expected to produce 300 barrels of green condensate and upcycle 45 tonnes of plastic waste daily. PlasCred's Q1 2024 operational results showed a net loss of $(662,689) with basic and diluted loss per share at $(0.01), compared to a net loss of $(283,161) in Q1 2023. Current assets are at $1,007,117, with total liabilities and shareholders' equity at $1,859,651. The company aims to scale its operations with strategic partnerships involving CN Rail and Palantir Technologies.
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Cover Technologies Inc. (CSE: COVE) (OTC: MGPRF) has announced a new phase in producing magnesium metal via Tech Magnesium's Aluminothermic Reduction Process. Following initial promising results in 2019, this next step will be conducted over four months in three stages. The company aims to become the lowest-cost, greenest primary magnesium producer globally. Additionally, Cover is launching a division for non-fungible tokens (NFTs) to enhance its operations and explore various applications beyond commodity minerals.
Cover Technologies Inc. has initiated the development of ElectrumX, a blockchain platform designed for tracking and trading commodity minerals. This project will feature a spot market and integrations with decentralized finance solutions. Steven Dryall, appointed as the new Chief Technology Officer, will lead this initiative following the acquisition of Flurbo Technology. ElectrumX aims to provide enhanced visibility into mineral provenance and streamline transactions with lower fees and faster speeds. The platform is expected to launch in Q2 2022, complementing Cover's current activities in the minerals sector.
COVER TECHNOLOGIES INC. (CSE: COVE) (OTC: MGPRF) has successfully acquired Flurbo, a DeFi blockchain application focused on digital asset management. This acquisition, valued with 5.5 million shares at $0.265 each, aims to enhance Cover's existing magnesium processing business by integrating resource sector logistics and finance. Flurbo's technology promises increased transparency and efficiency in tracking mineral production.
Additionally, Cover has engaged Bello Capital Partners for a three-month digital marketing campaign, for which it will pay $350,000.
Cover Technologies Inc. has finalized an asset purchase agreement for Nifty Technologies' blockchain technology, Flurbo. This acquisition, completed on August 16, 2021, enhances Cover's aim to develop environmentally sustainable magnesium processing technology. By integrating Flurbo, Cover seeks to improve logistics and financing in the resource sector, facilitating mineral production tracking. As part of the deal, Cover will issue 5.5 million shares and potential performance shares based on Flurbo's financial success. Additionally, Dorian Banks has been appointed CEO, succeeding Louie, who has resigned.