THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Nov. 21, 2024 (GLOBE NEWSWIRE) -- Mojave Brands Inc. (CSE: MOJO) (OTCQB: HHPHF) (FSE: OHCN) (“ Mojave ” or the “ Company ”) is pleased to announce, further to its news release on November 1, 2024, a public offering (the “ Offering ”) of units (each, a “ Unit ”) of the Company at $0.55 per Unit (the “ Issue Price ”) to raise gross proceeds of a minimum of $10 million and a maximum of $15 million (the “ Offering ”). The Offering is being carried out in connection with the proposed business combination of the Company, Light AI Inc., a corporation incorporated pursuant to the laws of the Province of British Columbia, and LAI SPV Corp., a corporation incorporated pursuant to the laws of the Province of British Columbia, announced on June 20, 2024 (the “ Transaction ”) and as detailed in the preliminary prospectus dated October 29, 2024 (the “ Preliminary Prospectus ”) filed with the securities regulatory authorities in each of the provinces and territories of Canada, except Quebec. In connection with the Transaction, the Company intends to delist the Common Shares (as defined below) from the Canadian Securities Exchange and list the Common Shares on Cboe Canada Inc. (the “ Exchange ”). Listing is subject to the Company fulfilling all of the listing requirements of the Exchange, which cannot be guaranteed and there is no assurance that the Exchange will approve such listing application. The Offering will consist of a minimum of 18,181,818 Units and a maximum of up to 27,272,727 Units at the Issue Price, for minimum gross proceeds of $10,000,000 and maximum gross proceeds of $15,000,000. Ventum Financial Corp. (the “ Lead Agent ”) is acting as lead agent and sole bookrunner, on behalf of a syndicate of agents, which includes Haywood Securities Inc. and Beacon Securities Limited (collectively, with the Lead Agent, the “ Agents ”), on a commercially reasonable “best efforts” agency basis, in respect of the Offering, pursuant to an agency agreement to be entered into by the Company and the Agents (the “ Agency Agreement ”). Each Unit will be comprised of one (1) common share in the capital of the Company (each, a “ Common Share ”) and one-half of one Common Share purchase warrant (each whole warrant, a “ Warrant ”). Each Warrant will entitle the holder thereof to purchase one additional Common Share (each, a “ Warrant Share ”) at an exercise price of $0.80 for a period expiring on the date that is 18 months from the closing of the Offering (the “ Closing ”). The Company has also granted to the Agents the option (the “ Over-Allotment Option ”), exercisable in whole or in part, within 30 days after Closing to purchase, at the Issue Price, up to an additional 15% of the number of Units sold pursuant to the Offering. The Over-Allotment Option is exercisable for any number of Units, Common Shares, Warrants, or any combination thereof. The maximum number of Units issuable pursuant to the Over-Allotment Option is 4,090,909 Units for aggregate gross proceeds of approximately $2,250,000, assuming the Offering is fully subscribed and the Over-Allotment Option is exercised in full for the Units. Closing of the Offering is subject to certain conditions including, but not limited to receiving subscriptions for the minimum amount of $10,000,000 under the Offering, the entering into of the Agency Agreement between the Company and the Agents with respect to the Offering and the receipt of all necessary regulatory approvals, including the approval of the Exchange. There can be no assurance as to whether or when the Offering will be completed. The Company intends to use the net proceeds from the Offering for operations, marketing, working capital and general corporate purposes, as set forth in the Preliminary Prospectus. In connection with the Offering, the Company will apply to list the Common Shares that comprise part of the Units, the Warrant Shares issuable upon exercise of the Warrants and the Common Shares issuable upon exercise of the broker warrants issued to the Agents, on the Exchange. The securities described in this news release have not been, nor will they be, registered under the U.S. Securities Act or any United States state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the United States. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The terms “United States” and “U.S. person” used herein are as defined in Regulation S under the U.S. Securities Act. About Mojave Mojave is a reporting issuer in the provinces of British Columbia, Alberta and Ontario with its Common Shares listed on the CSE. It has ceased to carry on an active business and is presently engaged in identifying and evaluating potential business opportunities. For further information, please refer to the Company’s public disclosure record on SEDAR+ at www.sedarplus.ca . About Light AI Light AI Inc. is a private British Columbia healthcare company focussed on developing artificial intelligence health diagnostic applications. Light AI is developing a technology platform which represents the next generation diagnostics: it applies AI algorithms to smartphone images--starting with images of StrepA—to identify disease in seconds. Its patented, app-based solution requires no swabs, lab tests or proprietary hardware of any kind—its hardware platform is the 4.5 billion smartphones that exist in the world today. ON BEHALF OF THE BOARD OF DIRECTORS “Robert Dubeau” Robert Dubeau Director For more information about Mojave, please contact: Robert Dubeau Email: info@mojavejane.com Telephone: +1 (604) 684-2181 CAUTION REGARDING FORWARD-LOOKING INFORMATION This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Forward-looking information in this press release may include, without limitation, statements relating to: the size of the Offering, issuance of the Units, Common Shares, Warrants, Warrant Shares and broker warrants, the closing of the Offering, the entering into of a definitive agency agreement between the Company and the Agents, the listing of the Common Shares and Warrant Shares issuable upon exercise of the Warrants on the Exchange, obtaining the necessary regulatory approvals required with respect to the Offering, the exercise of the Over-Allotment Option, the intended use of the net proceeds of the Offering, the distribution of securities outside of Canada, , and future press releases and disclosure. 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 results may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
The Miami skyline viewed from the Rickenbacker Causeway in South Florida, a year ago. Pedro Portal/Miami Herald via AP MIAMI — Dozens of luxury beachfront condos and hotels in Surfside, Bal Harbour, Miami Beach and Sunny Isles are sinking into the ground at rates that were “unexpected,” with nearly 70% of the buildings in northern and central Sunny Isles affected, research by the University of Miami found. The study, published Friday night, identified a total of 35 buildings that have sunk by as much as three inches between 2016 and 2023, including the iconic Surf Club Towers and Faena Hotel, the Porsche Design Tower, The Ritz-Carlton Residences, Trump Tower III and Trump International Beach Resorts. Together, the high rises accommodate tens of thousands of residents and tourists. Some have more than 300 units, including penthouses that cost millions of dollars. “Almost all the buildings at the coast itself, they’re subsiding,” Falk Amelung, a geophysicist at the University of Miami’s Rosenstiel School of Marine, Atmospheric and Earth Science and the study’s senior author, told the Miami Herald. “It’s a lot.” Preliminary data also shows signs that some buildings along the coasts of Broward and Palm Beach are sinking, too. Experts called the study a “game changer” that raises a host of questions about development on vulnerable barrier islands. For starters, experts said, this could be a sign that rising sea levels, caused by the continued emission of greenhouse gases, is accelerating the erosion of the limestone on which South Florida is built. “It’s probably a much larger problem than we know,” Paul Chinowsky, a professor of civil engineering at the University of Colorado Boulder, told the Herald. Initially, researchers looked at satellite images that can measure fractions of an inch of subsidence to determine whether the phenomenon had occurred leading up to the collapse of Champlain Towers in Surfside, the 2021 catastrophe that killed 98 people and led to laws calling for structural reviews of older condos across the state. The researchers did not see any signs of settlement before the collapse “indicating that settlement was not the cause of collapse,” according to a statement. Instead, they saw subsidence at nearby beachside buildings both north and south of it. SURPRISING FINDINGS “What was surprising is that it was there at all. So we didn’t believe it at the beginning,” Amelung said, explaining that his team checked several sources that confirmed the initial data. “And then we thought, we have to investigate it,” he said. In total, they found subsidence ranging between roughly 0.8 and just over 3 inches, mostly in Sunny Isles Beach, Surfside, and at two buildings in Miami Beach – the Faena Hotel and L’atelier condo – and one in Bal Harbour. It’s unclear what the implications are or whether the slow sinking could lead to long-term damage, but several experts told the Herald that the study raises questions that require further research as well as a thorough on-site inspection. “These findings raise additional question which require further investigation,” Gregor Eberli, a geoscience professor and co-author of the study, which was published Friday in the journal Earth and Space Science, said in a statement. Lead author Farzaneh Aziz Zanjani pointed to the need for “ongoing monitoring and a deeper understanding of the long-term implications for these structures.” Though the vast majority of affected buildings were constructed years or decades before the satellite images were taken, it is common for buildings to subside a handful of inches during and shortly after construction — a natural effect as the weight of the building compresses the soil underneath. And sinking doesn’t necessarily create structural issues. “As long as it’s even, everything’s fine,” Chinowsky said, placing his hands next to each other, “the problems start when you start doing this,” he said, then moving one hand down faster than the other. But such uneven sinking, known as differential subsidence, can cause significant damage to buildings, he said. “That’s where you can get structural damage,” he said. More research is needed to determine whether the buildings are sinking evenly or not. AN UNCERTAIN IMPACT “Sometimes it can be dangerous, sometimes not – it will have to be evaluated,” said Shimon Wdowinski, a geophysicist at Florida International University, told the Herald. Wdowinski worked on a different 2020 study that showed that the land surrounding the Champlain Towers – not the buildings themselves – had been subsiding back in the nineties, though that alone couldn’t have led to the collapse. The National Institute of Standards and Technology (NIST) has yet to release a final report on the cause but a Herald investigation pointed to design and construction flaws as well as decades of maintenance issues. For the 35 buildings shown to be sinking in the University of Miami’s study, he said, the next step is to check the integrity and design plans. “If there is differential subsidence, it could cause structural damage, and it would need immediate attention,” he said. Cracks in walls, utilities that are breaking, or doors and windows that don’t shut as easily as they used to are all signs of differential subsidence, said Hota GangaRao, a professor of civil engineering and the director of the constructed facilities center at West Virginia University. “In some extreme scenarios, the buildings at some point sink much more dramatically with time,” he said. If that subsidence is differential, “then it is very, very serious,” GangaRao said. CITIES REACT TO STUDY Larisa Svechin, the mayor of Sunny Isles Beach, where more than 20 buildings are affected, said that “my priority is the safety of our residents.” Contacted by the Herald Saturday afternoon, she said she was not aware of any structural issues but called an immediate meeting with the city manager. Following that meeting, she said that all required building inspections are up to date and that “the law also requires inspection records to be posted online and shared with residents.” Charles Burkett, the mayor of Surfside, told the Miami Herald that he had not heard of the study nor was he aware of any subsidence of buildings. “I’d like to know if it’s unsafe,” he said on Saturday, adding that he will “review [the study] in due time.” Other officials could not be reached immediately, and several of the affected buildings contacted by the Herald said that management would not be available for comment before Monday. Some settlement appears to have started right around the time when the construction of new buildings nearby began, and when vibration might have caused layers of sand to compress further – just like shaking ground coffee in a tin will make room for more. The pumping of groundwater that seeps into construction sites could also cause sand layers to shift and rearrange. Though there appears to be a strong link to nearby construction for some buildings, it is unlikely to be the only explanation for the 35 sinking buildings, as some settlement had started before any construction began nearby, and it persisted after construction ended, the researchers found. “There’s no sign that it’s stopping,” Amelung said of the settlement. THE POSSIBLE CLIMATE CONNECTION Experts also pointed to the impact the emission of fossil fuels and the resulting warming of the climate is having on the overall stability of Miami-Dade’s barrier islands. For one, rising sea levels are now encroaching on sand and limestone underneath our feet. That could lead to the corrosion of the pillars on which high-rises stand – a serious issue, GangaRao said, though if that’s the case “there may be a way to salvage these buildings,” by fixing the foundation. Stronger waves, fresh water dumped by heavier rainfalls and more sunny-day flooding could also add to the erosion of the limestone that all of South Florida is built on, Chinowsky said. Already a soft rock that is riddled with holes and air pockets, further erosion could destabilize the base of most constructions, Chinowsky said, comparing it to “standing on sand, and someone came with a spoon and started taking the sand out.” “I would expect that they would see this all throughout the barrier islands and on into the main coastline – wherever there is limestone, basically,” he said. “That’s what makes the whole South Florida area so unique, because of that porous rock, the limestone, all that action is happening where you can’t see it, and that’s why it’s never accounted for to this level,” he said. We invite you to add your comments. We encourage a thoughtful exchange of ideas and information on this website. 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AP Trending SummaryBrief at 4:46 p.m. ESTIsrael and Lebanon's Hezbollah agree to a ceasefire after nearly 14 months of fighting
Loáisiga guaranteed $5 million in 1-year deal with Yankees as he returns from Tommy John surgeryYPSILANTI, Mich. (AP) — Rasheed Bello had 19 points in Purdue Fort Wayne's 99-76 victory against Eastern Michigan on Sunday. Bello also contributed eight assists for the Mastodons (8-4). Jalen Jackson scored 17 points while going 7 of 12 from the floor, including 2 for 5 from 3-point range, and 1 for 3 from the line. Corey Hadnot II had 17 points and shot 6 for 8, including 5 for 6 from beyond the arc. Jalen Terry led the Eagles (5-5) in scoring, finishing with 28 points. Jalin Billingsley added 16 points and nine rebounds for Eastern Michigan. Da'Sean Nelson had 10 points, six rebounds, four assists and two blocks. Purdue Fort Wayne took the lead with 18:46 left in the first half and did not relinquish it. The score was 48-34 at halftime, with Jackson racking up 14 points. Purdue Fort Wayne extended its lead to 56-34 during the second half, fueled by an 8-0 scoring run. Maximus Nelson scored a team-high 12 points in the second half as his team closed out the win. The Associated Press created this story using technology provided by Data Skrive and data from Sportradar .
Visitors enjoy snow fun at the Alps Snow Live indoor ski resort in Taicang, east China’s Jiangsu Province. — Xinhua photo NANJING (Dec 15): Skis strapped on, goggles tightened, and helmet fastened. Wang Lin took a deep breath before hurtling down a 138-meter-long indoor slope, immersing herself in the exhilarating rush of speed. For Wang, a novice skier, there is no need to travel thousands of kilometers to China’s frozen northern frontiers. Just two kilometers from her home in Wuxi, a two-hour drive from Shanghai, lies a fairy-tale-like haven whose decor and soft snow can whisk her into a winter’s dream. “Skiing is a huge stress reliever,” Wang said, beaming after her run. “My whole family can visit the ski resort every week. It’s incredibly convenient.” Known as Wuxi Bonski, the indoor facility spans 17,500 square meters and attracts hundreds of enthusiasts daily. Notably, around 70 percent of the visitors hail from the Yangtze River Delta region, where sustained snowfall is a rarity. For many urbanites accustomed to mild winters, a facility like this redefines the season in an environment where natural snow remains elusive. China’s winter sports market is on a meteoric rise. According to the latest industry report, the scale of the country’s ice-and-snow economy is expected to reach 970 billion yuan (133 billion U.S. dollars) in 2024 and surpass 1 trillion yuan in 2025. Backed by government directives aiming to leverage winter sports as a catalyst for high-quality growth, the sector is forecast to expand to 1.2 trillion yuan by 2027, and 1.5 trillion yuan by 2030. As the winter unfolds, ice skaters and skiers are spreading well beyond traditional northern strongholds, bringing the speed and adrenaline of winter sports to nearly every corner of the country. People ski at the Wuxi Bonski ski resort in Wuxi, east China’s Jiangsu Province. — Xinhua photo Snow is no obstacle Wang, who can deftly navigate green runs, represents a growing cohort of ice-and-snow sports enthusiasts forging a new winter culture in southern China. “People in the south have always been fascinated by snow, and the 2022 Beijing Winter Olympics truly ignited our passion for winter sports,” she said, explaining why many southerners share her enthusiasm. People ski at the Shanghai L+SNOW Indoor Skiing Theme Resort, the world’s largest indoor ski resort in Shanghai. — Xinhua photo Beijing’s hosting of the Winter Olympics, which spurred the engagement of over 300 million Chinese in winter sports, proved transformative. Gone are the days when only a niche northern community embraced such pursuits. Now, seniors and youngsters alike glide across ice rinks and swoosh down indoor slopes in places where real snowfall is seldom seen. The proliferation of facilities has rendered winter sports, once an exotic and expensive pastime, more accessible than ever. Teenagers in warmer locations like Shanghai and Shenzhen now have regular training options for skating, ice hockey and other winter disciplines. Data from China’s General Administration of Sport show that the number of winter sports venues nationwide reached 2,847 by the end of 2023, up 16.11 percent year on year. Many of these facilities are nestled in southern regions. For instance, Jiangsu now hosts about 50 ice-and-snow venues covering more than 640,000 square meters, with around 300,000 students from 1,000 schools in the province engaged in winter sports. In Jiangsu’s Taicang City, the Alps Snow Live indoor ski resort, boasting 54,000 square meters and five slopes of varying gradients up to 280 meters, draws throngs of children and adults daily. Excited screams echo as they experience winter’s delights firsthand. “In just one year since opening, we’ve welcomed over 300,000 visitors, each spending about 700 yuan on average,” said Xu Xiaoliang, operations manager of the resort. “Compared to natural snow venues in the north, indoor slopes are more suitable for beginners and children because of gentler inclines and shorter runs.” For China, a relative latecomer to winter sports, the increasing number of novices taking up skiing and snowboarding signals vast market potential. According to travel platform Ctrip, four out of the top five cities for ski-related bookings last winter were in southern China, underscoring winter sports as a major driver of consumption in milder climates. Kids take training courses at the Alps Snow Live indoor ski resort in Taicang, east China’s Jiangsu Province. — Xinhua photo Snow starts a gold rush As enthusiasm for winter sports surges, the knock-on effects for tourism, culture and equipment manufacturing are profound. Winter tourism, for example, boomed last season. China recorded over 385 million winter leisure visits nationwide, a year-on-year increase of 38 percent, with related revenue up 50 percent. In Harbin, a traditional winter tourism hot spot in northeastern China, last snow season saw over 87 million visitors, up 300 percent year on year, and 124.8 billion yuan in tourism revenue, up 500 percent. Performers act during a ceremony celebrating the 100-day countdown to the 9th Asian Winter Games Harbin 2025 in Harbin, northeast China’s Heilongjiang Province. — Xinhua photo With the city set to host the Asian Winter Games next February, right after China’s Spring Festival holiday, the local ice-and-snow economy looks poised for another explosive season. To accelerate growth in the northeastern region’s winter economy, the Chinese government has recently unveiled initiatives including establishing dedicated ice-and-snow holidays, increasing flight routes and optimizing visa-free policies, all aimed at attracting more domestic and international visitors. Xu believes that China holds huge promise in achieving a north-south synergy in the ice-and-snow economy. By strengthening linkages – where beginners start on southern indoor slopes before honing their skills on northern mountains – regions can pool resources and create year-round appeal. “By offering discounted tickets and bundled experiences, consumers can make their getaways more diverse, enriching travel experiences throughout the year,” Xu said. “Winter sports provide a prime opportunity for the ice-and-snow economy to transition from passive sightseeing to immersive, social, experience-based consumption,” said Wang Yuxiong, a sports economics researcher at the Central University of Finance and Economics. “They can reshape business models, enhance added value and foster sustainable development.” Major sports events, both domestic and international, are proving their worth. China’s 14th National Winter Games, held earlier this year in the Inner Mongolia Autonomous Region, is estimated to have generated about 32 billion yuan in sports-related spending during the competition period. Moreover, China’s winter sports equipment industry is snowballing, driven by advancements in 5G, artificial intelligence and virtual reality. Think smart ski insoles that track performance and analyze data, heated snow boots that stay warm for five hours, and VR simulators that bring alpine thrills directly into one’s living room. Currently, China boasts a comprehensive suite of 15 categories of ice-and-snow equipment across the supply chain, from headgear to footwear, individual gear to venue equipment, and competitive apparatus to recreational tools. Su Yiming of Shanxi competes during men’s snowboard big air final at the 14th National Winter Games in Hulun Buir, north China’s Inner Mongolia Autonomous Region. — Xinhua photo “China’s ice-and-snow economy is a gold mine,” said Yan Yan, an associate professor at the Nanjing University of Technology. “Success hinges on crafting distinctive advantages and making winter sports irresistible to consumers.” “Under the country’s national fitness strategy, developing the ice-and-snow economy is akin to a marathon. The task is to ensure sustained effort and to inspire more people to lace up their skates, strap on their skis, and join the ride,” Yan added. — Xinhua
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