Buckey
12 months ago
Sixth Wave Announces Asset Foreclosure by Secured Lender
2023-12-19 18:00 ET - News Release
Sixth Wave Announces Asset Foreclosure by Secured Lender
Canada NewsWire
HALIFAX, NS, Dec. 19, 2023
HALIFAX, NS, Dec. 19, 2023 /CNW/ - Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: SIXWF) (FSE: AHUH) ("Sixth Wave" or the "Company") announces that under the terms and conditions of that certain Secured Promissory Grid Note dated as of November 15, 2022 executed with Orca Holdings LLC ("Orca"), the obligations of which were guaranteed by and secured against the assets of 6th Wave Innovations Corp. ("6th Wave"), a wholly-owned subsidiary of the Company. The Company and Orca have entered into an agreement, pursuant to which Orca shall exercise its right to foreclose on 6th Wave's assets and conduct a public foreclosure sale pursuant to the applicable provisions of the New York Uniform Commercial Code, N.Y. U.C.C. Law § 9-601 (McKinney) et seq. The Company has tried several avenues to liquidate its assets, license IP, raise capital, and convert debt to equity to have capital to continue operations and satisfy creditors. These efforts have not been successful. As a result of the events and situation described above, and there being no operating capital to satisfy existing debt obligations, the Board is satisfied that it has no choice other than to proceed with the foreclosure. Should the auction yield proceeds in excess of Orca's secured debt, such funds will be relinquished to 6th Wave and a usage plan will be generated based on the proceeds received.
For more information, including how to submit a bid and participate at the auction, please contact Helena Honig, Esq. at Chapman and Cutler LLP by phone (212-655-2544) or email (hhonig@chapman.com).
All interested bidders must submit bids for the assets no later than January 10, 2024 at 5:00 p.m. prevailing Central time. The auction will be held on January 15, 2024 at 2:00 p.m. prevailing Central time.
In addition to the above, the Company announces that David Fransen and Patricia Steadman have left the Board of Directors for personal reasons. The Company wishes to thank them and wish them well in their future endeavors. The Company has not proceeded with any efforts to replace them as of this date.
About Sixth Wave
Sixth Wave is a nanotechnology company with patented technologies that focus on the extraction and detection of target substances at the molecular level using highly specialized molecularly imprinted polymers (MIPs). The Company is in the process of commercializing its IXOS® - AuC polymer for the gold mining industry is focused on expanding the offerings as noted here in lithium. The Company's patent portfolio covers extensions of the designs for extraction and purification of other critical metals including nickel, cobalt, rare earth elements, and platinum group metals.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company has successfully developed nanotechnology architectures that are highly relevant for the detection and separation of viruses, bacteria, biogenic amines, and other pathogens. The Company is has yet to finish commercialization of its Affinity™ system for purification of cannabinoids.
For more information about Sixth Wave, please visit our website at: www.sixthwave.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jon Gluckman"
Jonathan Gluckman, Ph.D., President & CEO
Cautionary Notes
This news release contains certain "forward-looking statements" or "forward-looking information" (collectively "forward looking statements") within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include statements regarding the expected effective and record dates of the Consolidation and the number of Shares expected to be outstanding following completion of the Consolidation. Such forward-looking statements are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
SOURCE Sixth Wave Innovations Inc.
Tasher123
2 years ago
Sixth Wave Innovations Inc. Receives Grant from Province of Nova Scotia for Its Innovative Lithium from Spodumene Process
9:09 am ET February 6, 2023 (Newsfile)
Halifax, Nova Scotia--(Newsfile Corp. - February 6, 2023) - Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: SIXWF) (FSE: AHUH)("Sixth Wave", "SIXW" or the "Company"), is pleased to announce that its application to the Mineral Resources Development Fund (MRDF), Natural Resources and Renewables, Province of Nova Scotia, to support the Company's Spodumene Beneficiation and Lithium Extraction from Spodumene Concentrate development has been awarded. The MRDF supports innovative projects in the mining sector that help attract investment and grow Nova Scotia's economy, particularly with a focus on critical minerals. The $50,000.00 (grant number is MRDF-2022-IN-08) will be used to continue the refinement and extension of the work being performed in support of the recovery of lithium from spodumene found at the Champlain Mineral Ventures Ltd. ("CMVL") Brazil Lake property. Under the terms of the Grant, Sixth Wave will be reimbursed for allowed expenses up to CAD$50,000 with all work expected to be completed by the end of March 2023.
"We are very pleased to have received this Grant and to extend the work we are doing with Champlain Mineral Ventures. The Brazil Lake project continues its exploration and progress to becoming an operating mine with a potentially substantial economic impact on the Province as described by Mr. John F. Wightman, M.Sc., P.Eng., President, and CEO of Champlain Mineral Ventures Ltd. The support offered by the MRDF helps to mature a flow sheet that will add significant value to this project but has the potential to revolutionize hard rock lithium mining worldwide. The Grant funds will be used to continue to optimize the emerging process flow and explore the advancement of Sixth Wave's green lixiviant and energy reducing methodologies," notes Dr. Jonathan Gluckman, President, and CEO of Sixth Wave.
The focus of the work to date and which will continue under the Grant is to develop a greener process for conversion of spodumene to leachable beta spodumene and simplify the process flow sheet to achieve battery grade lithium carbonate. Fewer process steps, reduced or eliminated use of toxic chemicals, and lower energy usage reduce the cost and environmental impact of processing spodumene lithium deposits. These advancements are in keeping with Sixth Wave's goals of providing industry leading mining solutions that both increase the profitability of a mine and reduce the environmental and societal impact of mining. The advancements in its lithium program adds to the Company's already developed solutions for gold mining which have demonstrated reduced OPEX and CAPEX while increasing gold yield while also reducing reagent and energy use.
About Sixth Wave
Sixth Wave is a nanotechnology company with patented technologies that focus on the extraction and detection of target substances at the molecular level using highly specialized molecularly imprinted polymers (MIPs). The Company is in the process of commercializing its IXOS® - AuC polymer for the gold mining industry is focused on expanding the offerings as noted here in lithium. The Company's patent portfolio covers extensions of the designs for extraction and purification of other critical metals including nickel, cobalt, rare earth elements, and platinum group metals.
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company has successfully developed nanotechnology architectures that are highly relevant for the detection and separation of viruses, bacteria, biogenic amines, and other pathogens. The Company is finishing commercialization of its Affinity™ system for purification of cannabinoids. The Company is actively looking for licensing opportunities to monetize these assets as it focuses on the mining and critical metals industry.
For more information about Sixth Wave, please visit: www.sixthwave.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Jon Gluckman"
Jonathan Gluckman, Ph.D., President & CEO
For information, please contact the Company:
Phone: (801) 582-0559
E-mail: info@sixthwave.com
Cautionary Notes
This press release includes certain statements that may be deemed "forward-looking statements" including statements regarding the planned features of the MIPs technology. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. In particular, successful development and commercialization of the MIPs technology are subject to the risk that the MIPs technology may not prove to be successful in commercial application. The Company has not yet completed the development of a prototype for the product that is subject of this disclosure and is just at the beginning of the patent process for suite of new lithium disclosures. The Company has not begun detailed plant design work to implement the designed flow sheet and has not yet applied for regulatory approval for the use of this product from any regulatory agency.
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