Structure-mining finds and returns the best-fit structures from structural databases given a measured pair distribution function data set. Using databases and heuristics for automation it has the potential to save experimenters a large amount of time as they explore candidate structures from the literature.

The Debye scattering equation (DSE) is generalized and augmented in order to account for moderate texture effects, yielding the differential cross section as a function of atomic coordinates and texture coefficients subject to symmetry constraints. Implications for the evaluation of the pair distribution function (PDF) as a direct transform of powder diffraction data from textured samples are also discussed.

The analytical solution of the problem of X-ray spherical-wave Laue diffraction in a single crystal with a linear change of thickness on the exit surface is derived. General equations are applied to a specific case of plane-wave Laue diffraction in a thick crystal under the conditions of the Borrmann effect.

(The Paypers) Fenergo, a provider of digital Client Lifecycle Management (CLM) software solutions for...

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Apr 7, 2020; 133:jcs228072-jcs228072
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CELL SCIENCE AT A GLANCE

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Changing lifestyles are causing city workers to ignore the positive experiences of urban green spaces during their working week. A recent study suggests city planners could do more to promote the benefits of going outdoors to city dwellers.

Congestion charging in Stockholm has become more successful over time, according to a study by Swedish researchers. Although the total cost of a journey that enters the congestion charge zone has fallen in real terms since the charges were first introduced in 2006, there has consistently been around 29% less traffic within the zone, compared with levels in 2005.

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Earth's magnetic field seems steady and true -- reliable enough to navigate by. Yet, largely hidden from daily life, the field drifts, waxes and wanes. The magnetic North Pole is currently shifting toward Siberia, forcing the Global Positioning System that underlies modern navigation to update its software sooner than expected. Every several hundred thousand years, the magnetic field dramatically shifts and reverses its polarity. Magnetic north flips to the geographic South Pole and, eventually, back again. This reversal has happened countless times over Earth's history, but scientists' understanding of why and how the field reverses is limited. The researchers find that the most recent field reversal 770,000 years ago took at least 22,000 years to complete, several times longer than previously thought. The results call into question controversial findings that some reversals could occur within a human lifetime.

Image credit: Brad Singer

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A National Science Foundation-funded study found that Charles Darwin's famous finches defy what has long been considered a key to evolutionary success: genetic diversity. The research on finches of the Galapagos Islands could change the way conservation biologists think about a species' potential for extinction in naturally fragmented populations. Researchers examined 212 tissue samples from museum specimens and living birds. Some of the museum specimens in the study were collected by Darwin himself in 1835. Only one of the extinct populations, a species called the vegetarian finch, had lower genetic diversity compared to modern survivors. Specifically, researchers believe a biological phenomenon called sink-source dynamics is at play in which larger populations of birds from other islands act as a "source" of immigrants to the island population that is naturally shrinking, the "sink." Without these immigrant individuals, the natural population on the island likely would continue to dwindle to local extinction. The immigrants have diverse genetics because they are coming from a variety of healthier islands, giving this struggling "sink" population inflated genetic diversity.

Image credit: Jose Barreiro

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The molecular mechanism used by many bacteria to kill neighboring cells has redundancy built into its genetic makeup, which could allow for the mechanism to be expressed in different environments, say researchers at Penn State and the University of Wisconsin-Madison. Their new study provides insights into the molecular mechanisms of competition among bacteria. "Many organisms, including humans, acquire bacteria from their environment," said Tim Miyashiro, a biochemist and molecular biologist at Penn State and the leader of the research team. "These bacteria can contribute to functions within the host organism, like how our gut bacteria help us digest food. We're interested in the interactions among bacteria cells, and between bacteria and their hosts, to better understand these mutually beneficial symbiotic relationships." Cells of the bioluminescent bacteria Vibrio fisheri take up residence in the light organ of newly hatched bobtail squid. At night, the bacteria produce a blue glow that researchers believe obscures a squid's silhouette and helps protect it from predators. The light organ has pockets, or crypts, in the squid's skin that provide nutrients and a safe environment for the bacteria. "When the squid hatches, it doesn't yet have any bacteria in its light organ," said Miyashiro. "But bacteria in the environment quickly colonize the squid's light organ." Some of these different bacteria strains can coexist, but others can't. "Microbial symbioses are essentially universal in animals, and are crucial to the health and development of both partners," says Irwin Forseth, a program director in the National Science Foundation's Division of Integrative Organismal Systems, which funded the research. "The results from this study highlight the role small genetic changes can play in microbe interactions. Increased understanding will allow us to better predict organisms' performance in changing environments."

Image credit: Andrew Cecere

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A new study shows that the West Antarctic Peninsula is experiencing some of the most rapid climate change on Earth, featuring dramatic increases in temperatures, retreats in glaciers and declines in sea ice. The Southern Ocean absorbs nearly half of the carbon dioxide -- the key greenhouse gas linked to climate change -- that is absorbed by all the world's oceans. The study tapped an unprecedented 25 years of oceanographic measurements in the Southern Ocean and highlights the need for more monitoring in the region. The research revealed that carbon dioxide absorption by surface waters off the West Antarctic Peninsula is linked to the stability of the upper ocean, along with the amount and type of algae present. A stable upper ocean provides algae with ideal growing conditions. During photosynthesis, algae remove carbon dioxide from the surface ocean, which in turn draws carbon dioxide out of the atmosphere. From 1993 to 2017, changes in sea ice dynamics off the West Antarctic Peninsula stabilized the upper ocean, resulting in greater algal concentrations and a shift in the mix of algal species. That's led to a nearly five-fold increase in carbon dioxide absorption during the summertime. The research also found a strong north-south difference in the trend of carbon dioxide absorption. The southern portion of the peninsula, which to date has been less impacted by climate change, experienced the most dramatic increase in carbon dioxide absorption, demonstrating the poleward progression of climate change in the region.

Image credit: Drew Spacht/The Ohio State University

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Scientists have recovered the first genetic data from an extinct bird in the Caribbean, thanks to the remarkably preserved bones of a Creighton's caracara in a flooded sinkhole on Great Abaco Island in the Bahamas. Studies of ancient DNA from tropical birds have faced two formidable obstacles. Organic material quickly degrades when exposed to heat, light and oxygen. And birds' lightweight, hollow bones break easily, accelerating the decay of the DNA within. But the dark, oxygen-free depths of a 100-foot blue hole known as Sawmill Sink provided ideal preservation conditions for the bones of Caracara creightoni, a species of large carrion-eating falcon that disappeared soon after humans arrived in the Bahamas about 1,000 years ago. Florida Museum of Natural History researcher Jessica Oswald and her colleagues extracted and sequenced genetic material from the 2,500-year-old C. creightoni femur. Because ancient DNA is often fragmented or missing, the team had modest expectations for what they would find –- maybe one or two genes. But instead, the bone yielded 98.7% of the bird's mitochondrial genome, the DNA most living things inherit from their mothers. The mitochondrial genome showed that C. creightoni is closely related to the two remaining caracara species alive today: the crested caracara and the southern caracara. The three species last shared a common ancestor between 1.2 and 0.4 million years ago. "This project enhanced our understanding of the ecological and evolutionary implications of extinction, forged strong international partnerships, and trained the next generation of researchers," says Jessica Robin, a program director in National Science Foundation's Office of International Science and Engineering, which funded the study.

Image credit: Florida Museum photo by Kristen Grace

Source: Knox Henderson for Streetwise Reports   05/05/2020

News Update: A quick update since FansUnite Entertainment Inc. went live on Tuesday, May 5, because big things are happening in the industry, thus showing there is an enormous appetite for this kind of technology especially now, as we (very slowly) emerge out of this COVID pandemic. . .FansUnite is at a small-cap entry point with tremendous upside. After a financing at $0.35, the now-trading company rests slightly above that as a relatively new and unknown entity—so far—which is why now is great opportunity participate in a smaller scale, yet leveraged, consolidation play. "We have a great opportunity to use our stock as currency, and then grow and scale companies through our team and resources," says CEO Darius Eghdami. Read the entire update here.

Lets face it: gamers love games. While currently there's a dearth of real sports activity, that doesn't mean people aren't starving something to speculate on. No sports? No problem. Consider that there is $50 billion dollars placed online every year, according to ESPN. That's a lot of hungry money looking for a place to play.

So, despite the absence of the NFL, NHL, NBA and MLB, new online platforms are offering fun times for taking your chances on everything from reality TV shows, award shows, online gaming and virtual sports along with real in-the-flesh nail-biters like horse racing, table tennis and snooker. Who cares? It's all about the thrill of playing and winning. According to The The Guardian, just last week, "as coronavirus and the subsequent shelter-in-place orders have shut businesses around the globe and forced people to stay inside, some jobs have proven more stable than others," it said referring to online players. "The four U.S. states with legal sites—New Jersey, Nevada, Delaware, and Pennsylvania—reported record revenues in March." Meanwhile despite our current "modified behaviors" and "slowing of the economy," investors are also very keen on speculation in the gaming industry itself.

"FansUnite is at a small-cap entry point with tremendous upside."

Take, for example, DraftKings (NASDAQ:DKNG), which launched as recently as April 23, in the thick of this stay-at-home pandemic. After completing a merger with Diamond Eagle, a special purpose acquisition company, and back-end technology provider SBTech, its stock soared. Not only did DraftKings' stock jump 14% in its first day of trading before closing up 10.38% at $19.35, but the company was also able to add another half a billion dollars on the balance sheet at a time when it's not easy to raise money. The company is currently nearing a $1 billion market capitalization.

In this game, consolidation is key. Another highly successful big gaming conglomerate over-the-pond is UK-based GVC Gaming Group, which has been consolidating gaming assets over the last 15 years and is now worth $7.5 billion.

This week on the Canadian Securities Exchange (CSE) an emerging player is launching its platform onto the public market. FansUnite Entertainment Inc. (FANS:CSE), a company active in the gaming industry since 2014, is led by industry veterans who are looking to unleash their own high-growth consolidation strategy. The company is focusing on technology related to regulated and lawful internet activity and other related products.

Its business is to consolidate business-to-business (B2B) partnerships worldwide, operate its FansUnite business-to-consumer (B2C) coined Sportsbook launching later this year, and operate its recently acquired (March 26) Scottish subsidiary, McBookie, an online white-label sportsbook licensed and regulated by the U.K. Commission. Even considering the "COVID" delays in traditional sports, the company expects to generate at least $1 million in 2020. Considering FansUnite's experience in the space and its established technologies in an industry that is truly trending, FansUnite has a long runway from its current $25 million market cap to the billions-dollar peers it's chasing, and that is why this looks be a great stock to hold right out of the gate.

When you consider "B2B" in this scenario, consider an entity that wants to create a sportsbook, to become "the house," if you will. That company would turn to FansUnite to set up a turnkey "white-label" (as in use FansUnite technology but with its own brand) online platform, complete with user onboarding, fan integration and access to fulfillment in fiat currency (hard dollars) or cryptocurrency. For this service FansUnite takes a percentage of the "house earnings" and also charges for its Software as a Service (SaaS) platform. In the B2C scenario, FansUnite itself is the "house," using its own sportsbook and technology platform, and executes the marketing efforts to on-board new users.

McBookie, the company's first acquisition, is a white-label sportsbook in the UK, focusing on the Scottish market. It offers 200,000 members active in sports, and virtual games and boasts over $100 million turnover cumulatively the last three years. "It's a great brand with an experienced team operating for over a decade," says FansUnite CEO Darius Eghdami. "We completed this acquisition late March, and our focus currently is going to continue building our presence in the Scottish market."

Moving forward, Eghdami says the team will be putting an emphasis on M&A activity. "We'll continue to look for strong assets with either great technology or a strong database of users where we can come in with our team and resources and really grow and scale the business," he says.

With strong financial backing, Eghdami is also looking at potential opportunities in the colossal U.S. market. "The big heavyweights are coming into the U.S.. We don't intend to be an operator in the U.S., so we're looking at other ways to get in the market and that includes social peer activity, fan engagement, as well as licensed affiliate opportunities."

Eghdami points to another big success story in Canada, Amaya (TSE:TSGI), which is now The Stars Group and has a market capitalization of $11.5 billion. "It's a tremendous story of how they built the company and started to acquire assets. It's a model that we would love to follow."

After a crushing dip into the pandemic, TSGI.T is big-board player that has catapulted to new highs once the reality set in that social isolation might not necessarily be a bad thing for online gaming providers. According to Bloomberg, "The Stars Group Inc. says it saw record revenue in its first quarter as COVID-19 led to an increase in online activity starting in March. And, it says, it has continued to see increased activity in its online playing into the second quarter. In an update to its expectations for the three-month period ended March 31, the company says it expects revenue of approximately US$735 million, up from US$580 million in the first quarter of 2019."

"The stay-at-home lifestyle we now face in 2020 could result in a massive shift in the habits of players," says Eghdami. "Players that are used to going to the physical house, or the horse track, may now shift their habits to online. The older generation now may be signing up on online platforms and realize they can do this a lot easier. We're getting new users on the platform every day, and players starting to turn to virtual sports as well."

FansUnite is the brainchild of three entrepreneurs who have each already carved out more than a decade of in-the-trenches experience in the industry. Two of them including founder Eghdami and his former associate at KMPG, Graeme Moore, are chartered accountants, while co-founder Duncan McIntyre is a practicing lawyer schooled in mergers, acquisitions and corporate development. The teams' first success was the development of the FansUnite B2C social platform, which they eventually sold to a public company in 2016. FansUnite Social uses a free virtual currency for members to simulate the real thing while following and learning from their online heroes. The endgame, of course, is toward transferring the activity to the real-dollar platforms.

FansUnite Technology—B2C Social Platform

After the sale of the social peer platform, Eghdami and company decided to maintain the "FansUnite" brand equity in their new venture, launched in 2017. "We had the idea of getting into real-money sports gaming, spun it out of the pubic company, raised money in 2018 and started down this path. For the last year and a half we've been building our own technology to launch our sportsbook from a B2C perspective as well as prepare it for a full turn-key B2B solution. An option on the B2B platform will be a "smart contract sports book" whereby the funds are held "in-trust" and not accessible to FansUnite or end users until the event is completed and funds are directly sent to the winning party. The FansUnite platform is expected to accept cryptocurrency and regular fiat currency on its sportsbooks.

As part of FansUnite's roll-up strategy of entering into other world markets, acquiring yet maintaining well-established brands is the key to building its global B2B customers and B2C end users. The company is well funded with access to capital. Much of its support comes from industry leaders on the board like Shafin Diamond, CEO of Victory Square since 2015, a venture builder that builds start-ups in web, mobile, gaming, AI and AR/VR. Diamond has launched 40 start-ups in 24 countries, employed more than 350 people, and has generated over $100 million in annual revenues. He has received numerous awards, including the BC Tech Person of the Year Award, BC Angel Investor of the Year in 2014, and Business in Vancouver's Top 40 under 40.

FansUnite recently completed a financing of $3.1 million at $0.35 (free trading upon listing) and used $500,000 cash for the McBookie transaction before launching its IPO on the CSE. Total consideration for the McBookie deal was for approximately CAD$2.2 million, composed of the $500,000 cash up front, and $500,000 cash to be paid within 12 months, the rest in stock, at $0.35 a share, vesting and unrestricting over a course of 36 months.

Currently, management and insiders hold about 20% of the 70 million shares outstanding, and there are 3.5 million options and 1.4 million warrants with a weighted average price of $0.48 and $0.17 respectively, so no scary skeletons in the closet. Eghdami says the company is now sitting on about a $2 million war chest and burning about $175,000 per month. Should investor speculation lift its share price (as predicted here), it should be able to execute is M&A activity with a much stronger currency.

With $1 trillion waged annually, according to UK-based Football Report, the global market for this kind of technology is insane. Apparently, due to "COVID self-containment," it's "trending" even more as digital consumers are quarantined in their homes with nothing better to do but play on their computers.

As we hopefully ease out of this economic situation, FansUnite will have to execute fast and furiously. Now launching on the CSE at C$0.35 with a current market capitalization of $25 million, it has a long way to go, and much to prove, toward reaching the billion-dollar heights of its gaming peers, but the pie is big and the appetite is certainly there.

This is one race worth watching.

Knox Henderson is a journalist and capital markets communications consultant. He has advised for a broad range of small cap companies in the resource, life sciences and technology sectors for more than 25 years.

Disclosure:
1) 1) Knox Henderson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: FansUnite Entertainment Inc. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with FansUnite. Please click here for more information. An affiliate of Streetwise Reports is conducting a digital media marketing campaign for this article on behalf of FansUnite. Please click here for more information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of FansUnite, a company mentioned in this article.

( Companies Mentioned: FANS:CSE, )

Source: Streetwise Reports   05/06/2020

Biopharmaceutical company Horizon Therapeutics Inc. (HZNP:NASDAQ), which focuses on developing and commercializing medicines for treatment of rare and rheumatic diseases, today announced its Q1/20 financial results for the period ending March 31, 2020. The firm began by advising that it is raising its FY/20 net sales guidance and revised its adjusted EBITDA guidance.

For Q1/20 the company reported that net sales increased by 27% to $355.9 million over Q1/19. The firm provided a breakdown of revenue by business unit and listed that in Q1/20 compared with Q1/19, its Orphan segment net sales increased 47% to $245.4 Million, KRYSTEXXA® net sales rose by 78% to $93.3 million and TEPEZZA (teprotumumab-trbw) net sales were $23.5 million, which exceeded expectations.

The firm advised that it is increasing FY/20 net sales guidance to $1.40-1.45 billion driven primarily by significantly higher TEPEZZA net sales and reflecting anticipated impacts from COVID-19. The company also presented revised FY/20 adjusted EBITDA guidance of $450-500 million, which reflects increased TEPEZZA program investment to support higher-than-expected demand.

The firm indicated that in Q1/20 it posted a GAAP net loss of $13.6 million with adjusted EBITDA of $107.2 million and non-GAAP net income of $83.2 million.

The company's Chairman, President and CEO Timothy Walbert commented, "We had a very strong start to 2020, highlighted by the early approval and rapid uptake of TEPEZZA, which significantly exceeded expectations, excellent KRYSTEXXA growth and our recent acquisition of HZN-825...We are increasing our full-year net sales guidance to account for significantly higher TEPEZZA net sales that more than offset the expected impact from COVID-19 this year, and we are widening both our net sales and adjusted EBITDA guidance ranges to account for future uncertainty. The fundamentals of our business are strong, including a robust cash position, and we continue to be very well positioned for the long term."

The company noted that it received FDA approval for TEPEZZA for the treatment of thyroid eye disease (TED) earlier this year in January. The firm described TED as "a rare, serious, progressive and vision-threatening autoimmune disease, and is associated with proptosis (eye bulging), diplopia (double vision), blurred vision, pain and facial disfigurement." The company further s explained that "TEPEZZA, a fully human monoclonal antibody insulin-like growth factor-1 receptor (IGF-1R) inhibitor, is the first and only FDA-approved medicine for the treatment of TED."

Horizon Therapeutics is a biopharmaceutical company headquartered in Dublin, Ireland. The firm researches, develops and commercializes medicines for treatment of rare and rheumatic diseases.

Horizon has a market capitalization of around $7.1 billion with approximately 190.2 million shares outstanding and a short interest of about 4.9%. HZNP shares opened 10% higher today at $44.19 (+$3.81, +10.19%) over yesterday's $37.38 closing price and reached a new 52-week high price this morning of $43.57. The stock has traded today between $40.00 and $43.90 per share and is currently trading at $42.95 (+$5.57, +14.90%).

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.

Source: Knox Henderson for Streetwise Reports   05/07/2020

A quick update since FansUnite Entertainment Inc. (FANS:CSE) went live on Tuesday, May 5, because big things are happening in the industry, thus showing there is an enormous appetite for this kind of technology especially now, as we (very slowly) emerge out of this COVID pandemic.

On the sports front, Germany announced that its Bundesliga soccer will resume games in May, yet with tight restrictions and no fans. This is followed by the Turkish soccer league, which plans to resume playing on June 12. The Ultimate Fighting Championship (UFC), with a huge draw to the masses—the UFC 246 prelims averaged 1.767 million viewers on ESPN—will return at VyStar Veterans Memorial Arena in Jacksonville, Fla., on May 9, again featuring no live fans. So as more sports emerge in our "new reality," where will those fans be? Online, of course! In a fanless sports environment we're going to see a lot of online engagement no matter what sport or activity that may be. That's going to spawn even more online attention, which will likely hold firm even after we emerge from our home quarantine.

The industry is rapidly consolidating. On Tuesday we alluded to The Stars Group Inc. (formerly Amaya), which, according to Bloomberg, "saw record revenue in its first quarter as COVID-19 led to an increase in online activity starting in March. Indeed TSGI.T has had a great run from $18 mid-March to a high of $40 on May 1 after it confirmed shareholder approval of a friendly takeover by UK based Flutter Entertainment plc. (LSE:FLTR.L - News). The two create a £10 billion (US$12 billion) giant, according to Racing Post, and combine for more than 13 million customers, US$4.6 billion in revenue and US$1.7 billion in EBITDA.

Investors are getting on board

In our previous note we referred to DraftKings (NASDAQ:DKNG), which launched as recently as April 23, in the thick of this stay-at-home pandemic. After completing a merger with Diamond Eagle, a special purpose acquisition company, and back-end technology provider SBTech, its stock soared. DraftKings' stock jumped 14% in its first day of trading before closing up 10.38% at $19.35. The company was also able to add another half a billion dollars on the balance sheet at a time when it's not easy to raise money. That company currently has a $17 billion market capitalization.

Meanwhile there's been a noticeable correlation of trading activity in the industry from mid-March to the end of April:

• Prior to the merger with Canadian The Stars Group, Dublin, Ireland-based Flutter, trading as OTC:PDYPY in the U.S., had a good run of its own. Since mid-March it doubled from $31 to $64 by the end of April, despite any global sport-killing pandemic.

• UK-based GVC Holdings PLC (LSE:GVC) gained 23% in the last month, from $611 to $750, reaching a US$4.3 billion market capitalization.

• After falling from February highs of $30, Scientific Games (NASDAQ:SGMS) more than tripled from a $4 low mid-march to $13 by the end of April to again reach a $1 billion market valuation.

• Penn National Gaming (NASDAQ:PENN), now at a US$1.8 billion market capitalization, has a chart that mirrors SGMS. After February highs of $38, PENN rebounded through the COVID crisis. It also more than tripled from a low of $4.50 mid-March to a $17.80 high by the end of April.

• Score Media and Gaming (SCR.V,) with a market capitalization of $185 million, during that same period, ran from $0.32 to $0.42 mid-march to April 29, gaining 31%

• (are you starting to a pattern here?)

On the regulatory front, Colorado, became the next state to legalize sports bargaining following New Jersey, Nevada, Delaware and Pennsylvania. The state is poised to generate $6 billion in annual wagers and an estimated $400 million in revenue once the industry matures, according to Dustin Gouker, chief analyst for PlayColorado.com. According to the Denver Post, Colorado fans will have their pick of 17 digital sportsbooks currently licensed to operate in the state.

FansUnite Is at a Small-Cap Entry Point with Tremendous Upside.

It is in this environment that FansUnite launched on the Canadian Securities Exchange on May 5. "We are just getting started," said CEO Darius Eghdami. "We've bought a great asset in McBookie and will be continuing to focus on M&A." McBookie, the company's first acquisition, is a white-label sportsbook in the UK, focusing on the Scottish market. It offers 200,000 members active in sports and virtual games, and boasts over $100 million turnover cumulatively the last three years. "We want to be active in finding that next 'McBookie' operating in a niche market, looking at Esports assets and also creative ways to get into the U.S. market. "

After a financing at $0.35, the now-trading company rests slightly above that as a relatively new and unknown entity—so far—which is why now is great opportunity participate in a smaller scale, yet leveraged, consolidation play. "We have a great opportunity to use our stock as currency, and then grow and scale companies through our team and resources," says Eghdami.

"We also have great investors and support, a very experienced board and management team and a clear vision of how we want to be that next gaming giant. The path has been shown by other Canadian gaming companies such as Amaya, and we want to follow that path and execute on our vision."

It's an ambitious plan: a CA$25 million market-cap company, $2 million in the bank, with a consolidation plan to attack a $1 trillion online industry. Yet FansUnite comes out of the gate with strong financial backing led by board member Shafin Diamond, CEO of Victory Square since 2015, a venture builder that builds start-ups in web, mobile, gaming, AI and AR/VR. Diamond has launched 40 start-ups in 24 countries, employed more than 350 people, and has generated over $100 million in annual revenues.

Eghdami says the immediate plan is to strengthen its UK presence with McBookie and focus on M&A activity, while continuing to develop its software platform.

The games are just beginning.

Knox Henderson is a journalist and capital markets communications consultant. He has advised for a broad range of small cap companies in the resource, life sciences and technology sectors for more than 25 years.

Disclosure:
1) 1) Knox Henderson: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: FansUnite Entertainment Inc. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with FansUnite. Please click here for more information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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( Companies Mentioned: FANS:CSE, )

Source: Peter Epstein for Streetwise Reports   05/07/2020

In late April, Metalla Royalty & Streaming acquired two royalties, one of which was a Gross Overriding Royalty (GOR) on NuLegacy Gold Corporation (NUG:TSX.V; NULGF:OTCQX) flagship Red Hill project, a Carlin-style deposit in Nevada's world-famous Cortez trend.

To be clear, this was a transaction between Metalla and a private company; no cash or other remuneration flowed to NuLegacy. However, this news is still exciting and thought provoking as it pertains to a potential (implied) valuation of Red Hill. So much so, that—CEO/director of Finance and Marketing—Albert Matter put out this press release highlighting it. {corporate presentation}

Metalla's news is applicable to NuLegacy for a number of reasons. Let me start by saying I know the Metalla team, I've written about the company several times (although not recently).

This is a smart, hard-working, market-savvy group, with global experience, integrity and expertise. When dealing in streams and royalties, it's all about industry connections, market knowledge and deal flow. Metalla has that and is up to its eyeballs in deal flow (deals it can make or pass on).

Takeaways on implied valuation of NuLegacy's Red Hill project?

That's why this news is so interesting. It represents a reliable, unbiased vote of confidence in NuLegacy's Red Hill project. I was able to track down the president, CEO and a director of Metalla, Mr. Brett Heath, to ask him about his team's view of NuLegacy, their management and technical teams, and the Red Hill project,

"The Red Hill project is very interesting due to its location & position within the Cortez trend of Nevada that hosts globally significant mines & projects, specifically Cortez Hills, Pipeline & Goldrush. Although many near-surface deposits have been discovered, several blind deposits similar to Goldrush have yet to be found.

"NuLegacy's Rift Anticline is a promising new drill target, a chance to discover a large, high-grade deposit. The close proximity of Red Hill to Goldrush heavily influenced our understanding of the geology at Red Hill. Specifically, it allowed us to better understand that the Rift Anticline has similar stratigraphy to Goldrush, and similar mineralization events nearby."

Investors, shareholders and analysts are trying to figure out what (if any) read-throughs there are in terms of the valuation of the Red Hill project.

From the press release:

"Valuing Gross Overriding Royalties ("GORs") is a complicated business made easier in this instance by the straightforward nature of the [transaction] …. prorating the US$4 million purchase price for the total of 2% GOR that was acquired…. values a 1% GOR in the Red Hill project at ~US$2 million."

What this valuation exercise boils down to is how does the value of a 1% GOR compare to a conventional working interest in the same project? GORs are highly case specific, so I will give a range of possibilities. Many factors make GORs unique, but a rule of thumb is that a 1% GOR equates to a 5% working interest.

However, due to the unknown terms of this particular GOR, let's assume that the 1% GOR is equal to between a 5% and 10% working interest. By extending the range higher than 5%, more conservative valuations for Red Hull are obtained. In the chart below one can see that the implied ~US$2 million paid for a 1% GOR equals C$2.8 million at the current exchange rate.

Therefore, Red Hill's indicative valuation could be viewed as C$28 million to C$56 million, or C$0.08 to C$0.15 per share. Currently, the stock's trading at C$0.07. The company has a cash balance of C$4.5 million. {see corporate presentation}. I believe the C$0.08 to C$0.15/share range is conservative because Metalla's purchase of the GOR had a built-in profit expectation. The true ascribed value of a 1% GOR on the Red Hill project might be higher than C$2.8 million.

A true vote of confidence in NuLegacy Gold

Perhaps more important than an implied (subjective) valuation of Red Hill are the following takeaways. First, Metalla not only likes Red Hill, it must also feel good about the long-term prospects for Nevada and the U.S. Metalla looks at hundreds of deals a year from all over the world. Management can, and does, invest in dozens of jurisdictions.

Yet, in April 2020, it chose the U.S., …. Nevada …. the Cortez Trend…. Second, it chose a project that's pre-maiden resource. Remember, Metalla has paid out ~C$2.8 million, but doesn't make a penny of that back unless it re-sells some or all of the GOR it acquired, or Red Hill reaches commercial production. Therefore, I argue that investing at this relatively early stage is a stamp of approval in the extensive work done to date at Red Hill.

That Metalla chose to deploy capital in a gold asset rather than a silver asset, despite the gold-silver ratio being near an all-time high (over 110 to 1) seems promising. Finally, it chose the U.S. at a time when the currencies of Mexico, Australia, Canada and others have weakened considerably vs. the U.S. dollar, making exploration cheaper in those countries. One must have conviction to choose Red Hill over dozens of public and private, pre-maiden resource, projects around the globe.

In the end, a good project in a great jurisdiction is only as prospective as its technical/management teams. NuLegacy has prudently advanced Red Hill in good times and bad. For most of NuLegacy's existence, the gold price traded between about $1,050 and $1,400/oz.

Gold price at $1,730/oz. is a game-changer….

Now gold is hovering around $1,730/oz after almost touching $1,800/oz in March. This is a game-changer for juniors like NuLegacy that have tremendous blue-sky potential, (look at neighboring mines and development projects, some of the best on the planet) but like most juniors, have limited funding to conduct aggressive drill programs in a strong gold price environment.

A savvy company betting on the Red Hill project is yet another indication that the time has come for precious metal players to become more active in M&A.

The day that Barrick commits its deep experience (and deep pockets!) to NuLegacy's Red Hill, all royalties held on that project would soar in value. Why? The timeline to potential production would be shortened, perhaps by years, (more drilling, less investor hand holding, perhaps skipping a PEA or a PFS). The scope of the project would become larger—more drilling across a wider footprint (a 108 sq. km land package).

The value of the royalties could double, triple, quadruple…. who knows? The share price at which NuLegacy gets taken out could also be meaningfully stronger. After all the company has been through, I don't think the Board would sell the company below C$0.30/share. At least not with the gold price at $1,730/oz (or higher). Readers are reminded that C$1.5 billon OceanaGold Corp. & giant natural resources fund Tocqueville own a combined 21.5% of the company.

Might there be a bidding war for NuLegacy?

In a best case example then, there could be multiple bidders for NuLegacy. This is not nearly as crazy as it sounds, especially if the gold price keeps going up, or if the next (fully funded) drill program hits the mark. If Barrick were to make a move, OceanaGold, Newmont, or even Tocqueville (they could hold out for higher price) might have something to say about it.

Those entities, and/or other mid-tiers/majors in Nevada or around the world would keep Barrick honest. Over the years NuLegacy has been in touch with several well-known names, but I never know who they're talking with at any given time. Make no mistake, Barrick is best positioned by virtue of having the most synergies with Red Hill, so it can afford to pay several more pennies per share if need be. That's how a share price of C$0.30+ becomes possible.

Bottom line, NuLegacy Gold (TSX-V: NUG) / (OTCQX: NULGF) is a high-risk exploration play, but I believe a good speculation. There's no better time to be buying high-risk exploration than when the prices of the metals being explored for are moving up.

As more attention is drawn to NuLegacy, its team, the undisputed safety of Nevada, the prolific nature of the Cortez Trend, etc., I think there's compelling relative and absolute value here that readers should consider investigating further.

Corporate Presentation

Peter Epstein is the founder of Epstein Research. His background is in company and financial analysis. He holds an MBA degree in financial analysis from New York University's Stern School of Business.

Disclosures: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about NuLegacy Gold, including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. The shares of NuLegacy Gold are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.

At the time this article was posted, NuLegacy Gold was an advertiser on [ER] and Peter Epstein owned shares in the Company.

Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he's diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts & financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events & news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.

Streetwise Reports Disclosure:
1) Peter Epstein's disclosures are listed above.
2) The following companies mentioned in the article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metalla Royalty & Streaming and Newmont Goldcorp, companies mentioned in this article.

Graphics provided by the author.

( Companies Mentioned: NUG:TSX.V; NULGF:OTCQX, )

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