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Shares of IEX were trading in the $0.02 range for quite some time even when these rumours had started. JEN was developing applications for the treatment of West Nile Virus and the Zika Virus. Their recent press release titled Jenex's TherOZap(TM) technology indicated effectiveness in inhibiting Zika Virus after pre-clinical study is self explanatory. What many did not know about JEN was their presence in the marijuana industry that was first announced in the spring of 2017. Tests of their technology are being undertaken by the world leading University Health Network in Toronto. Aphria’s investee Scientus Pharma of Whitby Ontario also has a relationship with this hospital network. Let’s now move to a completely different company altogether before circling back to IEX and that company is 2590672 Ontario Inc.
2590672 Ontario Inc otherwise known as City View Green is a company that owns property that is intends to rent to ACMPR applicants. At time of that news release, City View has inventory representing approximately 11,150m2 (120,000ft2) of such buildings in Brantford Ontario but with significant ownership of property for expansion. There are well over 1500 ACMPR applications filed with hundreds rejected and currently around 90 Licensed Producers so what is the significance of this? Well let’s go one more level before getting back to IEX – Quinsam Capital Corporation (CSE:QCA). Finally a company we all know!
QCA was first introduced to you several months ago in our pages when it was trading at $0.105 and that share price translated into an impressive dividend yield. Yes – an MJ sector company with a regular dividend. Since that time its share price surpassed $1.00 before retreating to its current level in the $0.90’s in the midst of a $0.60 per unit private placement. QCA on November 27th made a strategic investment in a company that would soon be announcing a change in business and that company is Icon Exploration. Let’s stick with QCA for a moment because in January, QCA announced that it had signed a binding Letter of Intent with two Ontario numbered companies located in Brantford Ontario. QCA will receive a 30% ownership in one of them as additional compensation for providing a mortgage to the other. The ACMPR company will be leasing the building space from the company that received the mortgage from QCA. Time will tell but speculation is that it is 2590672 Ontario Inc. Let’s now look at Icon Exploration.
Shares of IEX were halted and will not resume until the TSXV’s requirements have been satisfied. This may translate into a significant time span depending on the timing of shareholder meetings and approval as well as the execution of key undertakings and documents.