Penny Stocks to Watch: MEDAF, BINP, GEMZ, CLSH

The markets for penny stocks are quite dynamic, and every other week new stocks may pop up that may be worth watching. The situation is the same for the present week as well. This feature would provide you with a closer look at four penny stocks that may be worth tracking at the moment.

Medaro Mining Corp. (CSE:MEDA) (OTC:MEDAF) On August 24, the mining company announced that it had concluded the 2023 exploration fieldwork initiative at the Rapid Lithium Property situated at Val-d’Or in Quebec, Canada. The main objective of the 2023 initiative from Medaro Mining Corp. was to work further on the discoveries that had been made in the soil anomalies in 2022.

The company accomplished that through the expansion of the soil grids to the north and the establishment of more soil grids in the southern as well as northern sectors of the asset. The strategy had been meticulously planned by the company so that it could achieve complete coverage and gain more insights into its exploration ventures.

The team that worked on the program collected 822 soil samples, which were then sent to Ancaster, Ontario-based Activation Laboratories for in-depth analysis and sample preparation. In addition to the soil grid expansion, the company had also been involved in a range of activities pertaining to the fieldwork at the asset. That included rock chip sampling, prospecting, and mapping.

Bionoid Pharma Inc. (OTC:BINP) On Thursday, the company was in focus after it announced that it had extended the effective period of the letter of intent related to the acquisition of Global Alerts Corp. Bionoid Pharma Inc. announced the planned acquisition in March 2023. The original letter of intent was set to expire on August 16, 2023, but following the extension, it would have until November 14, 2023, to complete the transaction.

In the news release, it was noted that the extension would allow Global Alerts and Bionoid Pharma to work on an exhaustive due diligence process. The Chief Executive Officer of the company, Wayne Cockburn, spoke about the development as well. He noted that the extension would help the companies complete a legally binding and definitive agreement, which would highlight the visions of both entities. He went on to add that no other amendments had been made to the letter of intent.

GEMXX Corporation (OTC: GEMZ) Yesterday, the company pointed out that its financial performance in the latest reported quarter indicated a strong basis for further growth. GEMXX Corporation, the ammolite gemstone firm, announced yesterday that its account receivables went up to $1,003,942 for the quarter and the net income stayed positive at $46,279.

Additionally, the company managed to bring down its long-term liabilities to zero. That was a major drop from the long-term liabilities of $225,579 in the prior-year period. The total assets of GEMXX Corporation at the end of the quarter went up to $19,282,705.

CLS Holdings USA Inc. (OTCQB:CLSH) (CSE:CLSH) The diversified cannabis firm announced its financial results for the fiscal year ended March 31, 2023. CLS Holdings USA Inc. recorded a gross margin of 42% for the fiscal year, which was lower than 46% in the previous year. The lower margins had been brought about by a non-recurring adjustment of $1.2 million. The company generated revenues of $23,134,000, as opposed to $22,663,000 in the previous fiscal year. Net losses went up to $14,844,000 from $2,440,000. The net loss attributable to the company was $13,800,000 as compared to $2,343,000 in the previous fiscal year.

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