Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
28 July 2023
nanosynth group plc
("nanosynth", the "Company" or the "Group")
Resignation of Chief Executive Officer
nanosynth announces that Mark Duffin, Chief Executive Officer, has resigned from the Board with immediate effect.
Gareth Cave will assume the role of Chief Executive Officer whilst the Company continues to consider potential funding options for the business.
Trading in the Company's shares on AIM remains suspended and further announcements will be made in due course as appropriate.
I see on here are green boxes,they all ought to go back and play with their tiddly winks.
The United States of America and European patent applications having made significant progress to date.
PureFlowCath Medical Device Update
The Company completed Phase One (and extension), Proof of Concept, work with Paragon Medical in May 2023.
Phase Two will be a significant investment to produce a working prototype suitable for the commencement of testing. The Company is currently scoping the detailed work to be conducted to effectively engage with potential developers ensuring stewardship of the Company funds. The Company’s aim is to progress as quickly as practical but due to the novelty of our product the process of specification, tendering and negotiation will take a few months. Management is aiming to have the contract in place in Q4 2023 but given the complexity it is expected that the contract to develop the Prototype will likely be let early in 2024.
Capital Resources to Fund Working Capital
The Company has agreed terms with CIC Fund Securitisation S.A. to provide debt finance of up to Euro €5,000,000 (the “Facility”) thereby securing working capital funding. The Company has drawn down Euro €1,600,000 to date, fully funding its working capital requirements for 2023 with a cash contingency reserve.
The Company has preserved working capital funds by agreement with CIC Capital Ltd. to convert nine months Transaction Advisor fees to debt notes thereby preserving the outflow of working capital funds. This was an independently approved related party transaction.
We are pleased to advise that existing shareholders have provided additional equity investment during 2023 at the same price per share of 29 cents with a warrant.
Invested Value Risk Minimisation
The Company has provided a risk minimisation mechanism for equity subscribers through a “Top-Up” provision should the listed share price be lower than 29 US cents per share. The Top-Up option will fall away after 30-days post trading.
The Top-Up provision allows for additional shares (rounded up), with warrants, to be issued at a discount of 20% to the current trading price if trading price in less that 29 US cents per share to compensate for the notional reduction of investment.
Value Accretion
Innomed Tech is advancing quickly, progressing on product and corporate fronts, focused on delivering useful medical products and thereby increased shareholder value. Peer analysis shows that on completion of the prototype to medical product, FDA approvals and further patent award will deliver on the potential for significant value accretion.
Peer analysis with medical device companies with approved medical device and all FDA approvals is between US$4 to $16 per share. Please note this is a forward-looking statement and shareholders should not rely on such statements.
www.InnomedTec.com
Billy Williams Disclosure Officer/Director +1 251 786 4695 BWilliams@InnomedTec.com
Today
CORPORATE UPDATE July 26, 2023
InnoMed Tech Ltd is holding Company of medical science companies in the business of creating paradigm shifts in thinking to improve clinical outcomes for medical and surgical patients. The Company’s clinical and business leadership team combines years of experience of corporate, and medical science who along with medical engineers, key advisors, work to solve problems presenting in today’s medical and surgical patient population.
Directors Innomed Tec Ltd. (Parent Co):
Robert L. Rhodes - Australia (CEO)
Terrance A. Larkan - Australia (CFO)
Billy Williams - US
David Toyoda - Canada
Dr Marshall Walker- US
Directors PureFlowCath LLC. (US):
Dr Matthew Mcintyre
Robert L. Rhodes
3 to 2 independent directors
Summary of Operations
InnoMed Tech Ltd. (the “Company”) is pleased to provide an update on the corporate activities and milestones achievements.
TSX Venture Exchange Listing Update
Innomed Tech Limited (the Company) is pleased to announce that we have been given a waiver for the requirement of appointing a regulated Canadian Listing Sponsor. It is estimate that this will save the Company in the order of CAD$180,000 and remove the Canadian Listing Sponsor due diligence proves that could have taken up to six months to complete.
The waiver of the Canadian Listing Sponsor is largely based on the fact that the Company’s Board of Directors and key management personnel have considerable TSX listed company experience.
Once the Regulator (British Columbia Securities Commission) has approved the prospectus, we will push approach the TSX for final listing approval.
Prospectus Regulator Review
InnoMed Tech is pleased to advise that it has filed the updated Prospectus on Monday July 17, 2023.
This updated prospectus reflects new patent awards and financing arrangements. The audited financial statements to December 31, 2023 and six-month interim financial statement to June 30, 2023 are included in draft awaiting final clearance from the statutory auditor, RSM Canada.
The financial statements included for the first time the following:
i) the fist securitisation debt finance loan drawdowns;
ii) appointment of Ernst & Young Luxembourg (top four audit firm) to conduct the financial; accounting treatments for cash subscriber shareholder Top-Up investment protections; and
iii) the claw back of 6.5 million common shares awarded to insiders incorrectly awarded before April 15, 2021,
Patents
The Company’s strategy is to target the investment in patent application processes to those jurisdictions that present the probable markets for production and/or use.
Patent awards have now been received for Canada, Eurasia, Morocco, Panama, Japan, Philippines and Australia.
InnoMed Tech continues to progress the Unite
Harvest between now and September presold wow.
That is insulting to a amoeba.
Just added that blithering idiot into the green zone to rot with his fellow rotting corpses.Fellow shareholders it should not be too long now to find out what the real score is.Good luck.
You are obviously not a shareholder so I cannot be bothered to read your crap anymore.filtered like the rest of the self righteous morons on here.
Strange,all these years and you come on with your all knowing guff .Well like I say we will see.I take it if things turn out good you will evaporate without a whiff of apology.
So according to you we shareholders are not going to get our money back.How do you know? I cannot see the future and only hope that Amit is telling the truth.If not OK but for you spouting we definitely are not is stupid.
You name says it all.filtered.
Why read what the green trash trolls write.They just want to cause trouble.