Business
Britannia Mining Solutions Accelerates Lab Build-Out Plan with Strategic Acquisition of Paragon Geochemical Laboratories Inc.
Paragon operates an industry-leading geochemistry lab strategically located near Reno, Nevada, at...
About this update from Britannia Life Sciences Inc
[{"type":"text","content":"Britannia Mining Solutions Accelerates Lab Build-Out Plan with Strategic Acquisition of Paragon Geochemical Laboratories Inc.Paragon operates an industry-leading geochemistry lab strategically located near Reno, Nevada, at the heart of one of the world's most active mining regionsFast-tracks Britannia's entry into the minerals assay market, accelerating revenue growth and positive cash flow Allows BMS to remain to position itself the forefront of the industry's transition to safer, more sustainable assay solutions Toronto, Ontario and Sparks, Nevada--(Newsfile Corp. - June 5, 2023) - Britannia Life Sciences Inc. (CSE: BLAB) (FSE: L020) is excited to announce that its subsidiary, Britannia Mining Solutions Inc. (\"BMS\" and collectively, \"Britannia\") has acquired a 100% interest in Paragon Geochemical Laboratories Inc. (\"Paragon\"). Paragon operates an industry-leading, fully accredited geochemical laboratory located in Sparks, Nevada, providing mineral assays and a broad range of geochemical analyses to a diverse client base.Britannia is financing the transaction, in part, through a new debt facility provided by a Canadian private lender. With a scalable, purpose-built facility strategically located in one of the top mining jurisdictions in the world, Paragon provides better than industry standard assay turnaround times while ensuring that customer QA/QC requirements are met. Paragon serves a broad client base ranging from junior exploration companies to global producers. Paragon has a dedicated team of employees who have helped grow the business from start-up to regional player in three short years.The acquisition of Paragon adds immediate revenue and cashflow to BMS and strengthens Britannia on a consolidated basis. With Paragon's demonstrated track record of profitability and additional operating efficiencies, the acquisition is expected to meaningfully contribute to BMS's EBITDA target of US$3MM (CDN$4MM) for the fiscal year ended March 31, 2024. 1Shaun Compton, Managing Director of BMS, commented \"Our team has been very impressed with Paragon's operations, and its people, from the very beginning. The opportunity for significant near-term growth within Paragon's existing operations, combined with robust synergies with our global platform, represent a compelling strategic complement to our growth objectives.\"Britannia pl...