Business
Centurion Provides Update on Financing and Change of Business
HIGHLIGHTS: Near term plans to confirm funding partner(s) and proceed with a Change of Bu...
About this update from Centurion Minerals Ltd.
[{"type":"text","content":"Centurion Provides Update on Financing and Change of BusinessHIGHLIGHTS:Near term plans to confirm funding partner(s) and proceed with a Change of Business;Positive development of sales channels in Latin America; andProgress continues with Uruguayan extraction lab design, engineering and vendor selection.Vancouver, British Columbia--(Newsfile Corp. - May 25, 2020) - CENTURION MINERALS LTD. (TSXV: CTN) (\"Centurion\" or the \"Company\") is pleased to report that, further to our News Release dated February 7, 2020, the Company has made significant progress both on a business operations front and a capital financing front related to our South American cannabis business strategy.FINANCINGFollowing the Company's announcement February 7, 2020, management received a positive reception to its business plan and overall Change of Business to become a Latin American focused cannabis extraction Company. However, with the ensuing challenges related to COVID-19, and the capital constraints faced by investors, management has focused on funding partners with access to capital and a strategic interest in near-term South American cannabis extraction capacity. The Company is currently in detailed discussions with several parties, and management believes it will be able to announce funding commitments in the very near term. Following funding confirmation, the Company would immediately proceed with the Change of Business applications to the TSX Venture Exchange (\"TSX-V\").In the interim, the Company's activities in Canada are being funded by management, on an interest-free loan basis, and the operations for the CannaEden group of companies (\"CannaEden\") in Uruguay, are being funded by CannaEden's Principal (per our Agreement as disclosed in the February 7th news release).SALES STRATEGY UPDATEThe Company has placed a large focus on developing sales channels for both pharma grade (\"API\") and consumer packaged goods (\"CPG\") full spectrum and distillate oils, and isolates, as initial products available for sale to customers in Brazil, Argentina, Paraguay and Peru. We have identified and initiated discussions with several groups seeking R&D and formulation batch quantities commencing in Q4-2020 and we are confident that South American trade-block (Mercosur)-based supply will be preferred to API and CPG inputs being imported from other non-Merc...