Vancouver, BC – February 19, 2021
Minerva Intelligence Inc. (TSXV:MVAI) (“Minerva” or the “Company”), an artificial intelligence company focused on knowledge engineering, is pleased to announce the successful implementation of its TARGET software for Giga Metals Corp. (TSXV: GIGA) (“Giga Metals” or “Giga”) in conjunction with the recent release of their Parnaiba Basin Project results. Giga enlisted Minerva’s Cognitive AI-powered prospect generation software, TARGET, to identify and evaluate new prospective exploration targets in the Piaui State of Nordeste, Brazil.
Giga Metals, after validating the results produced by Minerva’s TARGET software, made the decision to acquire exploration permits covering significant new regional sediment-hosted copper anomalies along the southern perimeter of the Parnaíba Sedimentary Basin in southern Piauí State, Northeast Region, Brazil.
“The commercial validation of our TARGET software is yet another indication of the power of Minerva’s Cognitive AI-powered software,” said Scott Tillman, CEO of Minerva Intelligence. “The successful deployment of our TARGET software highlights the value we are able to provide to companies that are managing large datasets and seeking to incorporate an artificial intelligence element into the decision-making process. Our success with Giga in Brazil, in conjunction with our recent success in Mexico, points to even greater success in the future in delivering results for mining and exploration companies around the world.”
Using Minerva’s TARGET software, Giga was able to sift through, organize and evaluate large datasets that were subsequently used to analyze the validity of the prospective exploration region. TARGET’s mapping technology was able to determine, based on existing comprehensive datasets, that the project in Brazil had a high likelihood of success and as a result Giga should pursue investment in the region. The final result of the analysis was a list of AI-produced target areas throughout Brazil that are completely auditable and explainable, and, most importantly, actionable by Giga.
“TARGET enabled us to work our way through an immense volume of regional geological data to focus on areas prospective for the deposit types of interest to us,” said Giga CEO Mark Jarvis. “This is a type of regional survey that was previously possible only for a major mining company with a large team of geologists. It is exciting to experience at first hand how artificial intelligence is now making this type of survey accessible to smaller companies.”
Jake McGregor, Minerva’s COO, is delighted that the Company’s efforts in Brazil had finally been validated. “In 2019 Minerva was contracted by Giga to build a set of prospectivity maps for the country of Brazil,” explained McGregor. “In this capacity the Company compiled various datasets from across the country, both from public and private sources, and significant work was undertaken by Minerva to standardize and translate the data from Portuguese to English and then into the standard terminologies that we use in our mineral deposit models. It is extremely rewarding to see our clients getting value out of that hard work.”
More information on Minerva’s TARGET technology can be found at http://minervaintelligence.com/TARGET.
In further news, the Company is hereby announcing the closing of its previously announced private placement (see news release dated January 19, 2021) for gross proceeds of $145,005 (the “Private Placement”). These funds were raised by the Company issuing 966,700 units at a price of $0.15 per unit, each unit consisting of one common share and one common share purchase warrant entitling the holder to purchase one additional common share at a price of $0.20 until February 17, 2023.
All securities issued on closing of the Private Placement are subject to a hold period under applicable Canadian securities laws, expiring on June 18, 2021.
Certain of the Company’s directors and officers participated in the Private Placement for an aggregate of 726,500 units. This participation constitutes a “related party transaction” for the purposes of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying upon exemptions from the requirements to obtain a formal valuation and seek minority shareholder approval for the related persons’ participation in the Private Placement on the basis that the fair market value of the participation by related parties in the Private Placement is less than 25% of the Company’s current market capitalization.
About Minerva Intelligence, Inc.
Minerva Intelligence Inc. is a knowledge engineering company based in Vancouver, BC, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary evidence-based decision-making software is bringing the benefits of artificial intelligence technology to industries dependent on reasoning with complex technical and scientific data.
Although Minerva’s applications currently focus on earth science-related domains including natural hazards and mineral exploration, their technology has application in diverse industries and domains.
Minerva’s common shares are currently listed on the TSX Venture (symbol MVAI).
For further details, please refer to their website www.minervaintelligence.com.
This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any 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,” as such term is defined in Regulation S under the U.S. Securities Act, unless an exemption from such registration is available.
For further information:
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Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This news release includes certain information that may be deemed “forward-looking information”. Forward-looking information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the availability of financing to the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.