Kristi Suzanne Krebs was born on December 29, 1970 and lived in Fort Bragg, California with her parents. Kristi graduated from high school in 1989 and went straight to work at a local Round Table Pizza full time. Little else seems to be known about Kristi's early years.
Kristi was usually an upbeat person that worked very hard, and this extended to her workplace. However, it soon became clear that Kristi had begun to develop a very unhealthy obsession with a male coworker who was married. Unsolved Mysteries referred to this as an "unhealthy obsession." On April 30, 1990 (three years prior to her going missing), Kristi's coworkers described her as "unnaturally euphoric," and was fantasizing about a wedding and having kids (presumably with the married male coworker, but this is unclear). After work, Kristi drove around town aimlessly and eventually ended up in a forested area. Kristi's car ended up being stuck in the mud. Kristi kept gunning the engine to get the car unstuck, which caused the engine to overheat, which in turn caused the car to catch on fire. Kristi obviously became panicked, causing her to have a trauma educed mental breakdown.
The morning after this event, railroad workers found Kristi wandering around, dazed and disoriented. One of these railroad workers recognized Kristi and called her parents. Kristi's came to pick her up, initially wanting to take Kristi home, but while in the car, Kristi kept chanting, patting herself and just "acting weird." So they took Kristi to the hospital, where according to a Medium article, "she spent the next four weeks recovering in a private mental facility, though it would take several months before her memory completely returned." But after this initial hospital stay, Kristi was in and out of the hospital where doctors would diagnose her with a trauma educed psychotic break. At one point in her treatment, an occupational therapist recommended that Kristi start off her recovery by only going back to work part time, about twenty hours a week.
At first this arrangement seemed to be going well, but then Kristi began working "more and more," even taking on a second job at a local Burger King. Due to the two jobs, sometimes Kristi was working up to 12 hours a day. Kristi's parents also noted that she didn't seem to be sleeping very much and was going to the gym a lot. And again, Kristi began seeming very happy with her life. Kristi's father would state that these things made him wonder if Kristi's mental health was going downhill again.
Despite this new hectic pace, Kristi seemed okay, so her parents didn't want to worry. At one point, one of Kristi's managers asked her why she was so happy, and she responded "it's not what you think." Kristi did not explain further and went back to work. At around 10pm on August 9, 1993, Kristi left work in "high spirits," and told her coworkers that she'd be heading home. However, Kristi did not end up going home and began driving around.
The next time that Kristi was seen was by a park ranger at McKerricher State Park, just north of Fort Bragg, at around 10:30pm. He spotted Kristi's red Toyota Tercel parked in the lot, so he went to go speak to the driver--which was Kristi. The ranger asked Kristi if she was okay and that the state park's lot closed a half hour before, so she needed to leave. Kristi told the ranger that she was relaxing after work and if she could stay. The ranger replied that she could not stay, and Kristi said she'd leave. This ranger would later tell police that the interaction was friendly and that Kristi seemed okay.
After this encounter, Kristi drove south through Fort Bragg, headed towards the small town of Mendocino. Kristi ended up in Mendocino Woods State Park, where she continued to drive a remote dirt road near a creek bed. And like three years before, her car became stuck and she began revving the engine to make the car start again, which again caused the car to catch fire. A car jack would later be found near her car, which lead authorities to believe that she attempted to jack up the tires to get the car going (admittedly I don't drive, so I don't know if I explained that correctly). When this didn't work, it apparently made Kristi angry, and she began bashing the car hood with a rock. She then took out her wallet, shredded the pictures inside and ripped out the car stereo.
Kristi had been wearing jeans and her work shirt when she left her job, but both of these items were found in the backseat of the car. It is believed that Kristi took them off because they'd gotten wet in her attempts to free the car. Kristi kept gym clothes in her car, so it is believed that she changed into those. When Kristi didn't come home, her parents reported her missing and a full scale search was launched. The Mendocino County Sheriff's Department searched the area surrounding Kristi's car and even an air rescue squad helped in the effort. The search of the park went on for a week, but nothing was found.
Kristi's family and authorities believe that she may be out there somewhere, with memory loss. There have been sightings of Kristi after she vanished, one of the first sightings was by a woman who claimed to have seen a woman resembling Kristi attempting to hitchhike. There were also sightings from Texas to Salt Lake City, Utah. However, there are two sightings that the police believe are the most legitimate. One occurred in March 1994 in Humboldt County (north of Fort Bragg), a woman who's daughter was a classmate of Kristi's claimed to have seen Kristi along Highway 101. When the woman called out to "Kristi," she turned and walked back into the woods.
The other sighting happened in June 1994. An off duty highway worker named Mike Case picked up a female hitchhiker in Visalia California, 300 miles south of where Kristi vanished. According to Mike, this woman "didn't seem to have it all there," and was in "a world of her own," and at first thought she may be on some kind of drugs. But as he began talking with her, Mike noticed tow slash marks on her wrist. When Mike asked about it, the woman responded that she'd had a breakdown and a boyfriend that "wasn't very nice." Mike and this woman were in the car together for about 90 minutes where the woman spoke about a boyfriend that seemed fake, having relatives in San Jose and liking the ocean. These things seemed true to Kristi's parents. Mike dropped Kristi off in Hanford, California and didn't think anymore about the encounter until he saw Kristi's picture in a trucking magazine. Mike contacted Kristi's parents, who sent more photos of Kristi and it was the woman Mike said he saw.
There has been one more sighting of Kristi, also by a woman named Alicia who picked up a hitchhiker in August 1993, two days after Kristi vanished. The woman who picked up this hitchhiker woman told authorities she picked up the woman near Salt Lake City, Utah. Alicia said the woman identified herself as "Kris," and Alicia only picked her up because she was standing at a dangerous spot on the side of the road. When "Kris," got into Alicia's car, she said "you're looking at the happiest girl in the world!" Apparently this was something Kristi said on a regular basis. Kris also began telling Alicia that she'd fallen in love with a trucker and she was meeting him in Amarillo Texas so they could get married. And when Alicia dropped off this woman off at a McDonald's in Park City, Kris said "Burger King is better."
There have been no other confirmed (or unconfirmed) sightings of Kristi Krebs. When Kristi vanished, she was 22 years old, 5'2 and around 140 pounds. She has brown hair and blue eyes and her thumbs curve inward. Kristi had been suffering from emotional distress with symptoms like amnesia before she vanished.
Unsolved Mysteries episode: https://www.youtube.com/watch?v=8l0JCuG_UVY&t=1177s
https://medium.com/@jennbaxter_69070/the-bizarre-disappearance-of-kristi-krebs-ea93de24cd23
https://www.advocate-news.com/2019/05/09/where-is-kristi-krebs/
https://charleyproject.org/case/kristi-suzanne-krebs
https://www.doenetwork.org/cases/808dfca.html
https://www.namus.gov/MissingPersons/Case#/1268
https://www.pressdemocrat.com/article/news/fort-bragg-parents-use-technology-to-look-for-missing-daughte
https://unsolvedmysteries.fandom.com/wiki/Kristi_Krebs
https://archive.sltrib.com/article.php?id=53441147&itype=cmsid
https://www.advocate-news.com/2016/04/21/missing-but-not-forgotten/

I like many of you here am in a long distance relationship and have been finding it hard to cope with the separation. I'm in a long-distance relationship with a guy I met on a dating app a year ago. He's from Lebanon but lives in Texas, and I'm from New York. We haven't met in person yet, but we talk to each other on video calls. When we first met, I asked him if the distance would be an issue, and he said let's not rush things and see if we're compatible first. I agreed, and we started talking. I thought we'd talk for a month or two and then meet in person, but that didn't happen. I have offered to visit him many times in the past, but he always says no because he works 7 days a week and has no time to hang out with me. It's tough for him since he's an immigrant and he’s not legally authorized to work here in the US, in spite of the fact that he has a bachelor's degree in law. As a result, his job options are limited to working off the books. He's a receptionist in an apartment complex, and the sole provider for his family. He lives with his parents and younger brother, and his parents don't speak much English, making it difficult for them to find work. I've asked him several times if I could fly over to Texas and see him, but he always says no. We've been together for almost a year now, and being away from him is getting increasingly more and more difficult. He told me 3 months into the relationship that he would try to find a job here in New York and move north, but it’s been months since then and I’m starting to loose hope. This whole situation is really starting to take a toll on me, I was just hoping I might be able to find someone here who I could vent too about this, someone who might be able to sympathize with how I’m feeling. If you aren’t busy and have the time to chat, feel free to message me.

romesentinel.com /stories/guest-column-olmsted-city-whats-in-a-name-plenty-for-city-of-utica,182927

GUEST COLUMN: 'Olmsted City?' What’s in a name? Plenty for city of Utica

Phil Bean, chair of Olmsted City7-8 minutes
People sometimes ask why we call our nonprofit group “Olmsted City” rather than something like “Utica Olmsted Parks.”
That’s understandable; we are currently focused on East Utica’s 62-acre Frederick T. Proctor Park. Still, we aim to do much more.
Four years ago, I returned after 23 years in Boston and Philadelphia and bought a home in the city of Utica. I wanted to contribute to Utica’s increasingly promising redevelopment efforts. Convinced that our parks are among our most important quality-of-life assets — they certainly made a difference in my life — I began working in 2019 to rejuvenate them, and two years ago I founded Olmsted City partly to promote that work.
It’s not enough simply to say we have parks — for decades, we’ve had too much talk and not enough sustained action to restore and maintain them. In contrast, by the end of 2022-23, Olmsted City will have spent over $250,000 on F.T. Proctor Park. Last year, we also recruited 150 volunteers who invested 1,100 hours in the park.
This is not a hobby for the amusement of the privileged or just a historic preservation project. Olmsted City is driven by the conviction that everyone, including the least fortunate, deserves beautiful recreational spaces. Indeed, such ideas drove Thomas R. Proctor to embark on a park-building binge more than 120 years ago. And today, a much higher proportion of our underprivileged neighbors live within a 10-minute walk of our Olmsted parks than do the most fortunate in this region.
This reality is at the forefront of everything we do.
Public health research has proven that visiting urban parks confers significant physical and mental health benefits. The local diabetes and blood pressure rates are higher than the state average, and a disproportionate number of Uticans (notably but not exclusively refugees) have experienced trauma.
For many such Uticans, parks have medicinal power. Healthy park tree canopies also cool temperatures and reduce pollution for those who live nearby.
Despite our dedication to parks, however, we call ourselves “Olmsted City” because we are also trying to rebrand Utica — not just one institution in it, but the entire city. “Olmsted” is by far the most nationally recognizable name to which Utica can attach itself. Very few outsiders have heard of Munson, Williams, or Proctor, and not many more know who Conkling or Seymour were.
For over a century, in contrast, the Olmsted family fundamentally transformed the American landscape. This fact recently inspired a highly successful, year-long nationwide celebration of the bicentennial of Frederick Law Olmsted, Sr., the inventor of the American urban park, the co-designer of Central Park and innumerable others, and the first person to call for a national park system.
His son, who did so much in Utica, designed the landscaping for the White House, the Jefferson Memorial, and many other nationally famous sites. He also helped save the California giant redwoods and start the National Park Service.
People from major metropolitan areas celebrate the name “Olmsted” because their lives are enriched by Olmsted family creations like not just Central Park, but Brooklyn’s Prospect Park, Boston’s Emerald Necklace system, Philadelphia’s FDR Park, Montreal’s Mount Royal Park, the Seattle parks system — and on and on it goes.
So, who cares about what people in big cities think? Uticans should. Utica is definitely on an upswing, but it’s still an under-resourced city. We need more outside capital. Big-city money and talent are helping to transform other small cities. Many people who might bring these goods here are accustomed to parks like F.T. Proctor … but they also expect them to be well-maintained.
In addition, the businesses we’d like to attract are interested in quality of life for their workers, increasingly many of whom value the outdoors. Mention that we have an Olmsted-designed park, and it makes many such people see Utica in a different light — and so should we.
However, we don’t have just one Olmsted park. We are the smallest U.S. city with an Olmsted parks and parkway system that’s over 70% the size of Central Park and comprises about 90% of Utica’s public parkland.
It offers diverse opportunities to engage with nature and healthful exercise: miles of wooded paths; tennis, basketball and (soon) pickleball courts; baseball and soccer fields; ice skating (coming next season); swimming pools; biking paths; picnic areas; a golf course; a skate park; dramatic vistas of the valley.
We also have five beautiful Olmsted-designed neighborhoods: Brookside, Proctor Boulevard, Talcott Road, Sherman Gardens, Ridgewood … and in New Hartford, there’s Hoffman Road.
About a tenth of the landmass of the city of Utica — more if you exclude our vast wetlands — was designed by Olmsted and his firm, Olmsted Brothers.
Olmsted City is dedicated to our green spaces, and we have an impressive record of commitment to them — but we are also dedicated to promoting a story for a new Utica, a story that is positive, true, and compelling to outsiders.
It is about having the sort of local pride that attracts opportunity. It is about elevating perceptions of Utica to promote our economic development. The message in our name is that there is something special here: Utica is an Olmsted city, and we should celebrate and protect our Olmsted heritage.
Toward this end, last year alone we planted 27 trees and more than 2,100 other perennial plants, installed five benches, repaired a historic stone staircase, created two new destinations, and cleaned up the long-neglected park gate at F.T. Proctor Park. Unlike many other organizations, we have no paid staff or a multimillion-dollar endowment — our work is dependent on civic-minded volunteers and donors who share our vision and appreciate our track record of getting things done.
We are currently in the midst of reconstructing the park’s previously deteriorated Lily Pond, a 1913 Olmsted creation that’s one of the region’s most iconic spots. It should be running again later this month. Come see it then, but in the meantime, please begin thinking and speaking proudly of Utica as an Olmsted city.
Editor’s note — Phil Bean is chair of Olmsted City; the president of the Utica Public Library Board of Trustees, and a Proctor graduate. He is a former college dean and author of “The Urban Colonists: Italian American Identity and Politics in Utica, New York,” published by Syracuse University Press, and other works about Utica’s political and ethnic history. He is also the co-creator, with Dennis Dewey, of a series of well-received, short YouTube videos called “Utica: An Olmsted City.”

I don't mean to be combative towards this approach. I want it to get better. It would make my life WAY easier. It will make my friends and family's lives way easier. I work for the govt so I have had an opportunity to speak with many people in govt. about this and they all tell me I'm being a debbie downer, or how their friends or relatives swear the market will improve. My response is always: How? And they can't tell me how. They won't ask their friends and family how.
If the market is expected to improve, can someone please tell me how? If the APR is high and the market supply is low, and investors are fighting tooth & nail to bid 20, 30, even 50k over asking, how are things going to get better? If every year gets hotter, why are people not expecting folk from states close to the equator -- such as Texas, which has a failing power grid that can't keep up -- to not jump ship and try and buy something in the North East? I won't even mention the political disarray occurring in all these close-to-the-equator states.
All I'm looking for is a better understanding on how all of this is supposed to improve.
TIA!

Skyharbour Resources (SYH.v SYHBF) will be participating in the Mining Investment Event of the North, held from June 19-21, 2023, an invite-only conference hosted to facilitate meetings between mining companies, international investors and various mining government authorities: https://www.bigmarker.com/series/the-mining-investment-event-/series_summit?utm_bmcr_source=NR
This news following SYH closing the acquisition for 100% of the South Dufferin Uranium Project in the Athabasca Basin from Denison Mines!
The project comprises of 12,282 hectares over 9 claims in the Athabasca Basin, host to the higest-grade uranium deposits in the world and is consistently ranked as a top mining jurisdiction.
Notably, this increases SYH's total land package to 504,356 hectares across 24 properties, representing one of the largest project portfolios in the region.
SYH's focus remains at its ongoing 10,000 drill program at its Russel Lake Project and will be seeking strategic partners to advance South Dufferin as part of their prospect generator business.
For more information, check out the full news release: https://skyharbourltd.com/news-media/news/news-display/skyharbour-announces-the-closing-of-its-acquisition-of-100-of-the-south-dufferin-uranium-project-from-denison-mines-in-the-athabasca-basin-saskatchewan

Skyharbour Resources (SYH.v SYHBF) will be participating in the Mining Investment Event of the North, held from June 19-21, 2023, an invite-only conference hosted to facilitate meetings between mining companies, international investors and various mining government authorities: https://www.bigmarker.com/series/the-mining-investment-event-/series_summit?utm_bmcr_source=NR
This news following SYH closing the acquisition for 100% of the South Dufferin Uranium Project in the Athabasca Basin from Denison Mines!
The project comprises of 12,282 hectares over 9 claims in the Athabasca Basin, host to the higest-grade uranium deposits in the world and is consistently ranked as a top mining jurisdiction.
Notably, this increases SYH's total land package to 504,356 hectares across 24 properties, representing one of the largest project portfolios in the region.
SYH's focus remains at its ongoing 10,000 drill program at its Russel Lake Project and will be seeking strategic partners to advance South Dufferin as part of their prospect generator business.
For more information, check out the full news release: https://skyharbourltd.com/news-media/news/news-display/skyharbour-announces-the-closing-of-its-acquisition-of-100-of-the-south-dufferin-uranium-project-from-denison-mines-in-the-athabasca-basin-saskatchewan

The court’s new ruling makes it harder for workers to join a union, easier to break one and riskier to try to force concessions
https://www.theguardian.com/commentisfree/2023/jun/06/unions-strike-us-supreme-court
Their contract had expired, so the local teamsters, drivers of concrete-mixing barrel trucks for a firm called Glacier Northwest, in Washington state, decided to walk off the job. Like all strikes, the point of the work stoppage was to inflict financial consequences on a recalcitrant management side: to show the bosses that their employees were united in shared interest and mutual protection and that it would cost them less money to negotiate in good faith and agree to the workers’ demands than to continue to fight the union for less favorable, more exploitative conditions. When the teamsters began their strike, 16 of the barrel mixing trucks were full. They drove them back to the Glacier Northwest lot and left them there.
But if you don’t mix concrete, it hardens, and becomes useless. If this happens in a barrel truck, sometimes that can cause damage to the truck, too. When Glacier Northwest realized that their teamster employees had gone on strike, non-union workers were able to remove the concrete over the course of five hours, averting damage to the trucks. But they lost the use of all the concrete that had been mixed in those 16 barrel trucks that day.
This injury – the loss of 16 trucks’ worth of concrete to a regional construction supplier in the north-west – is the pretext that the US supreme court used this week to weaken the National Labor Relations Board and deal a blow to the right to strike.
In the case, Glacier Northwest v International Brotherhood of Teamsters, eight of the court’s nine justices found that management could sue the union for the damage caused to their property during the strike. Only Justice Jackson dissented. In addition to encouraging companies to sue their workers over strikes and ensuring that unions will pre-emptively avoid strikes or adopt less effective tactics to protect themselves from liability, the ruling also opens a wide new avenue for union-busting litigators to evade the authority of the National Labor Relations Board – the federal body that was created by Congress specifically to handle such conflicts and enforce workers’ rights.
The decision, then, furthers two of the supreme court’s major long-term projects: the erosion of labor protections, and the weakening of administrative agencies, whose expertise the court routinely ignores and whose authority the justices seem determined to usurp for themselves.
It might risk reinforcing the dramatically low standards for the supreme court’s behavior to note that the majority opinion, authored by Amy Coney Barrett, did not represent the worst of all possible outcomes. Barrett included some limiting language in her writing that preserves the possibility of binding NLRB oversight in these lawsuits. She clarified that unions do have some right to time their strikes in order to maximize financial damage to management – a move that would protect, say, the right of Amazon workers to initiate work stoppages during the holiday shipping rush, as they did last year. The gestures toward a continued right to strike appear designed to secure the votes of Elena Kagan and Sonia Sotomayor, who joined the majority, and to dilute the power of Samuel Alito, Neil Gorsuch and Clarence Thomas, who wanted to gut NLRB authority over strike-related litigation entirely.
But it is important to consider Glacier Northwest in context: in recent years, the court has made it easier for companies to bar their employees from bringing class-action lawsuits, made it harder for public-sector unions to collect dues and struck down a California law that allowed unions to recruit agricultural workers on farms. The new ruling, which finds that strikes are often illegal when they lead to damage to employers’ property, only furthers their long project of making it harder for workers to join a union, easier for employers to break one up, and more legally risky for workers to take the kinds of action that can actually elicit concessions from the boss.
It will get worse. If they get their way – a less procedurally complicated case, a more amenable vote from Roberts, Barrett or Kavanaugh – the court’s most extreme conservatives will shape a bleak future for American labor. Their aim is to all but eliminate rights to organize and strike that are enjoyed by people in the most important, foundational and meaningful part of their public lives: the workplace.
“Workers are not indentured servants, bound to continue laboring until any planned work stoppage would be as painless as possible for their master,” Jackson wrote in her dissent. But that is the labor settlement that at least three members of the extremist conservative wing hope to enact. There is only one direction that this court’s labor jurisprudence is going.
The ruling comes at a moment when the American labor movement, long dormant and defeated, is experiencing something like a small resurgence, however timid and sporadic. According to data from the Bureau of Labor Statistics, the number of unionized workers grew last year in both the public and private sectors, with the biggest increases in sectors like transportation and warehousing, arts and entertainment and durable goods manufacturing.
This growth has been accompanied by highly visible, media-savvy worker organizing drives among journalists, fast-food workers and graduate student instructors, and comes on the heels of high-profile strikes by groups ranging from Oakland teachers to Hollywood writers. Since 2021, this union resurgence has been aided in no small part by the Biden NLRB, which has been unusually hospitable to labor’s claims, even for a Democratic administration.
More and more workers are saying that they want to be a part of a union – and more and more of them are finding ways around the many and onerous obstacles designed to prevent them from forming one. Given the growing power of American unions, maybe the anti-worker court is right to be scared.

Background
Canary Islands is a Spanish archipelago of volcanic nature located in the eastern Atlantic ocean, just west of southern Morocco. The chain of islands extends for approximately 490 kilometers (300 miles).
Canary Islands is both geologically and climatologically almost identical to Hawaii, and as such, international tourism has been the main pillar of its economy since the 1960s.
The Event
At around 10:15 PM of June 22nd, 1976, emergency services in all the main seven islands received a flood of calls, with people reporting having seen a strange and frightening phenomenon taking place in the night sky. Most of these callers described what they were seeing as 'a gigantic explosion of light' or 'a massive ball of fire', and all of them said the phenomenon seemed to be taking place somewhere far in the west. These accounts were quickly confirmed true by local authorities, since the 'explosion of light' in question shone for several minutes before dissipating.
Many witnesses also added having seen one or two much smaller red lights moving strangely before the 'explosion' took place -rising from the horizon or from behind the mountains at very high speed, although others added that the lights flew following 'a zig-zag trajectory'.
No sound was heard or reported regarding the phenomenon, and no consequences seemed to follow except for a frightened population.
A foreign tourist vacationing in the island of Gran Canaria took the only known legit picture available of the phenomenon, from the balcony of his hotel room in Maspalomas. Here you can see a bigger version of the picture with enhanced contrast.
Here's a drawing extracted from an official report made by the Spanish Air Force. The drawing depicts a description of the event made with the information gathered from witnesses reports in the western coast of Gran Canaria. The mountains in the drawing are a depiction of the silhouette of Tenerife, the island immediately west of Gran Canaria. In order to understand the extreme magnitude of the 'explosion of light', please take into account that Tenerife is 70 kilometers (44 miles) away and its tallest peak -Mount Teide, which is in fact Spain's tallest mountain- is 3,718 meters tall (12,198 feet). Here's a real picture of the landscape depicted in the drawing, for a better perspective.
Hong Kong's bulk carrier vessel Osaka Bay was sailing from Capetown (South Africa) to Southampton (United Kingdom). The event took place when she was some 400 kilometers (250 miles) south of the island of La Gomera, and her crew did also witness the phenomenon. Here's a drawing made out of their witness reports.
The crew of the Spanish Navy's corvette Atrevida (F-61) observed the phenomenon as she was sailing just south of the island of Fuerteventura. Her captain's account of the event;
"At 22:27 local time of June 22nd it was seen, for the first time, a bright light of an intense bluish yellow color, taking off and rising in altitude towards our position... Once it reached certain height (15º-18º) it stood still, turning its light projection and showing its light source. It remained like that for approximately two minutes, before bursting into a large circle of bright bluish yellow light that remained in that position for forty minutes even after the original preceding phenomenon had faded away.
Two minutes later the light source split, its lower half being smaller and standing in the middle of the circle of light, turning into a bluish cloud as the split half that had originated this bluish mass faded away. The upper half gained altitude while describing a fast but irregular spiraling trajectory, vanishing afterwards. None of these movements had any effect whatsoever on the initial circle of light, whose features remained the same, partially illuminating land and sea, which leads to believe that it wasn't an object far in the distance, but rather close".
Here's the translation of local newspaper excerpts detailing the event;
"It was spotted between 10:15 and 10:30 PM and, according to one of our journalists who has his residence at Valle de Aridane (La Palma island), at that time he observed something that looked like a rocket emerging from the sea and flying towards El Time peak shining with an intense red light. The same phenomenon was spotted in Tazacorte (in La Palma island too). The ferry Villa de Agaete, sailing from Las Palmas, could observe a great shining at exactly 10:20 PM, shortly before docking in Santa Cruz de Tenerife. The shining, which lasted about five minutes, appeared like a rocket that had come out of the sea". - El Día (June 23rd, 1976)
"Last night, at around half past ten, a strange object was spotted from several points of our region, especially in the areas of Gáldar and Telde (Gran Canaria), where most phone calls we received in that regard were from. Our callers explained to us that it was a round object that grew massively in size as it rose, clearly defined before it began to fade.
The aforementioned phenomenon began as a couple of red objects that moved in zig-zag, forming into some sort of spiral whose lower half ended in three clearly differentiated but overlaying stripes with some degree of separation between them. They were of a very bright red color and faded gradually. On top of these stripes there was what looked like two powerful blue focal lights, which began to diminish in intensity too before turning into a thin haze afterwards". - La Provincia (June 23rd, 1976)
​
Thanks to these accounts and description of the events, calculations could be made in order to ascertain the phenomenon's origins. At the moment of its beginning (which many witnesses described as a rocket taking off) the sun was already 13.7º under the horizon and its azimuth angle was 307º (northwest). Setting a hypothetical POV in the geographical center of the archipelago (28.50º N, 15.75º W, just north of Gran Canaria, it was calculated that during it's first phase (the 'rocket lights') the phenomenon was located some 762 kilometers (473 miles) straight west, at an approximate altitude of 46 kilometers (28 miles). By the end of its final phase (the 'explosion of light') it had traveled to a point located at around 1,062 kilometers (662 miles) west and had risen to a final altitude of 90 kilometers (56 miles).
These calculations became a very important piece of data, we'll get back to them later.
​
The UFO/Aliens narrative (AKA the press cherry-picks the statement of one particularly imaginative witness in order to sell a story of very questionable credibility)
Being the 1970s, almost immediately certain sectors of the press began talking about UFO -and subsequently about aliens, even though there was no further evidence to suggest such thing. The local authorities (the Army especially) focused their efforts into reassuring the population that there was nothing to fear, while at the same time gathering all the information they could gather in order to investigate the phenomenon.
In June of 1994, exactly eighteen years after that night, the Spanish Army declassified the 107-pages long investigation report of what by then it had been baptized as the "OVNI de Canarias 22/06/1976" ("Canary Islands' 06/22/1976 UFO"). Back then very few people in Spain had internet access, and as such the release of these documents went unnoticed for most people. However, many journalists rushed to get a copy of the report, and many of these worked for UFO/paranormal magazines of dubious scientific accuracy. And, aware of the kind of reaction they wanted to generate from the public they target, they focused in just one part of the report; Dr. Padrón's story.
Francisco Julio Padrón León (who passed away in 2013) was a general practitioner that lived and had his office in the rural municipality of Gáldar, which is located precisely in the northwestern part of the island of Gran Canaria (and precisely, where a lot of people reported witnessing the phenomenon. Unlike most witnessed, however, Padrón told Spanish authorities a much more extravagant version of the events.
That night he had been called in person to check on a local patient at her home, and the doctor had called a taxi in order to reach the patient's residence; Padrón lived in the town of Guía, and the patient lived at a small parish some 10 kilometers away (6 miles) named Las Rosas. Padrón, his companion and the taxi driver claimed having observed the phenomenon when the car was covering the last two kilometers of the route (at that point, a very narrow and barely paved rural road). Or more specifically, Padrón and the taxi driver claimed having bumped into it; because, according to the statement, at that moment the car's headlights illuminated a sphere that was floating right in front of them. The Padrón and the taxi driver described it as measuring some 30 meters (98 feet), slightly bright and slightly translucent. They (the doctor, especially) described seeing two humanoid entities inside the sphere, surrounded by what looked to be inner aluminum structural parts of the sphere. These figures were, per their statements, between 2.5 and 3 meters tall (8'2" to 9'10"), one taller than the other, and they were dressed in red skin-tight suits. Padrón claimed that these beings stood facing each other, apparently interacting among them but didn't seem to notice his or the taxi driver's presence. It then began to grow in size until (his words) "becoming as big as a 20-story building" and began ascending. At this point of his statement he said he went to check on her patient, after which he told all people present at the patients' home, inviting everyone to go outside and check by themselves what he claimed he had seen. By the time everyone joined Dr. Padrón to watch, the sphere was already very big, standing high in the sky and then it flew away at extreme speed ("faster than any aircraft I've seen in my life", Padrón said in the report) leaving a trail of blue smoke behind before vanishing in the distance, towards Tenerife island.
In his individual report, the taxi driver made just a very skimp corroboration of Padrón's statement, omitting most details of his version of the phenomenon. It was just a few sentences long. The taxi driver was a man in his sixties (and wore glasses) of very little formal education -in fact, his preliminary handwritten statement had to be redacted to correct numerous grammar and spelling mistakes.
As for the companion (a relative of the patient, who was traveling in the backseat), this man only describes seeing "intense bright light everywhere" and noticing "both the doctor and the taxi driver's agitation". He claimed the amount of light, plus the fact that by sitting in the backseat the taxi driver and the doctor's bodies blocked his view, hadn't allowed him to see what Padrón claimed having witnessed.
The declassified document contained many more witness reports gathered from the same area, but none of them matched Dr. Padrón's story about a sphere with two humanoids figures in it; every other description -most of them provided by locals- mentions the same enormous disc of light in the west night sky. A car mechanic and his wife described it as "a car's headlight thrice as large as the full moon". A school teacher mentioned having seen it from his house's window through a pair of binoculars when it began to fade, noticing its "fog-like appearance, and the night stars could be seen through", and mentioning what looked like a couple of bluish beams inside. A farmer explained in his statement that it looked like "a fire spot", he too mentioned seeing "two blue lines" in it. Not even the sick woman Padrón had come to provide medical attention to nor her relatives confirmed the Dr.'s description of the phenomenon, matching instead everyone else's.
That didn't stop the journalists working for UFO/paranormal-themed magazines or even some journalists working for reputable newspapers from disregarding all these credible witnesses and instead focusing on the most outlandish one; Dr. Padrón. In summer of 1994, several of these Spanish magazines like Enigmas, Año Cero or Más Allá rushed to publish a drawing depicting Padrón's description of the 'humanoid figures dressed in red' in their articles, not only making absolutely no mention of any of the other witnesses but also claimed that the propulsion system of the alleged 'alien spacecraft' had scorched a nearby onion field -the area is full of that type of crops- and that posterior chemical analysis of the scorched terrain had yielded wildly unusual results. We'll come back to this point later.
Sketch depicting Padrón's (unique, literally) description of the event. Yes, someone from the Army - more specifically from the Air Force- was tasked with sitting down next to this guy and spending a good deal of time drawing whatever ludicrous thing Padrón felt like coming up with.
Something worth mentioning; these publications made heavy emphasis on Padrón's education -he was a GP, after all. As in, as extraordinary as his claims were, these were being made by a man of a high level of education, intelligent and therefore (in the eyes of many) automatically worth of credibility. In fact, the patient's relative traveling in the taxi's backseat -a farmhand that had never received formal schooling and was illiterate- said in his witness report that one of the reasons why he did not question Padrón's statement was precisely the abysmal difference in education between him and the doctor, and kind of assumed that if an educated man like Padrón said that such thing had indeed happened, then it must have been true.
A local newspaper interviewed Dr. Padrón shortly after the documents were declassified. And by then, eighteen years after that night, Padrón added some more details to his already bizarre account, providing these journalists with something that wouldn't have been out of place in an episode of The X-Files (which back in 1994 had begun to be broadcasted in Spain, with significant success). Back in 1976 Padrón had already added in his statement that he did not feel fear but 'a strange sense of wellbeing and excitement' in his encounter with the alleged spacecraft; now he was also saying that these beings -which never communicated with him in any way, per his account- had not only the ability to erase anyone's memories off their brains, but they also can "make you see whatever they want you to do for months or years, replacing an 'energy' [his word] in your brain". If these statements weren't absurd enough, Dr. Padrón warned the journalists about not taking him seriously, because in the last three years he "had observed that anyone who had been skeptical of my statements and hurt my credibility in public has passed away within six or seven months, all of them to cancer, eight people in total so far".
Although the documents that included the description of his ludicrous story hadn't been declassified until 1994, ever since 1976 many journalists had managed to get in touch with Padrón and hear his story -the doctor himself wasn't exactly quiet about it either -and some of these are allegedly the cancer victims Padrón would've been referring to. There's no way to check the veracity of that, since the only source of that statement was Padrón himself.
Between 1976 and 1994 the doctor's story circulated in a somewhat obscure manner, being referred to in some UFO articles here and there -and adding their own artistic depictions of his outlandish story. Padrón was already telling any 'paranormal' journalist willing to listen about the scorched onion field. Turned out, back in June of 1976 a farmer in the municipality of Guía did indeed notice an area in one of his onion crops that seemed to have been burned, but that man had specified that that hadn't happened until the morning of June 24th, a good day and half after Padrón's alleged 'alien encounter'. What is more, although the cause of these burns couldn't be ascertained, they were indistinguishable from fire damage. To this day it's thought that these burnt onion plants were nothing but the result of vandalism or a prank. Some UFO skepticism authors have raised the possibility of the doctor himself being responsible.
Picture of one of the many onion fields in Guía and Gáldar. To this day, Dr. Padrón's 'scorched onion field' remains a running joke among the older residents in these municipalities.
At the time Padrón even managed, out of sheer insistence, to get that soil tested. Surprisingly to no one, all chemical, physical and radiological analyses performed yielded no unusual results. The sampling and testing was conducted by Hungarian-Spanish physician Alejandro Carlos de Gyorko-Gyorkos, who at the time was curious about paranormal phenomena and had interviewed Padrón many times in 1976. According to a journalist for Naukas (A Spanish online science and technology magazine that specializes in skepticism and debunking of pseudoscience), in 1992 Gyorko-Gyorkos described Padrón as a man that "interprets everything he comes up with as real". By 1994 Padrón was also claiming that the Spanish Air Force had threatened him with legal action to silence him, and that Gyorko-Gyorkos was a man whose "ethics he'd rather not talk about". Padrón had never mentioned these alleged legal threats at any point before June of that year, precisely once the documents were declassified, a coincidence that hadn't gone unnoticed.
Some skepticism authors have elucubrated about the possible inspiration for Padrón's 'tall men in dressed in red spacesuits'. Not exactly very original.
​
​
Explanation (1994 and 2001)
The 1976 document concludes that the origen of the 22/06/976 UFO -although in reality the Spanish Air force used then the acronym FANI (Fenómeno Aéreo No Identificado', 'Unidentified Aerial Phenomenon') when referring to it- was unknown. In 1994 these paranormal journalists presented such conclusion as an automatic evidence of aliens, or at least UFOs in the sense popular culture depicts then. In reality, as anyone can notice upon checking the report, 'unknown' means precisely that; unknown. At no point in the report the authors bring up rebuttals for any possible logical or rational explanation, but rather they conclude that back in 1976 there was just not enough evidence to provide an accurate explanation of its origin.
The same report contains the transcription of precisely Dr. Gyorko-Gyorkos's opinion about Dr. Padrón's reasoning (safe to assume, by then had already made up his mind about the man) in a military court. In the transcription, and in what looks like a generous maneuver to dismiss Padrón's claims without going as far to humiliate him, Gyorko-Gyorkos explains a military judge that that night Dr. Padrón, possibly overworked and sleep-deprived, misremembered what had seen and his fatigued psyche had create a mixed recollection with what he had seen and what had crossed his mind. As for the taxi driver, this man was probably highly impressionable -apparently the Dr. had behaved in a very excited manner during the phenomenon- and thus in a way Padrón had 'passed' his delusional belief onto him. The military court ruled that "Padrón's credibility could not, for the time being, be corroborated".
Of course, at this point of this writeup a question still lingers; what was whatever thing close to a million and half people saw in the night sky back on June 22nd, 1976? First, let's go over the world's state of affairs at the time, because this is one of these 'mysteries' in which history had been hinting at the answer almost from the beginning;
In 1976 the world was still amidst of a low-key conflict between two superpowers with lots of political tensions; the United States (plus NATO) versus the Union of Soviet Socialist Republics (plus other members of the Warsaw Pact). AKA, Cold War. As part of the Western Bloc, at the time Spain had been a long-time ally of NATO. However, the country wouldn't become a NATO member itself until 1982 -which was so controversial within Spain that a referendum would be held in 1986 questioning Spanish people's desire to remain in the military alliance.
As such, while Spain was a Western ally, back in 1976 it was not really 'in the game' yet, especially when taking into account that, unlike in other countries, NATO membership wasn't that welcome. Please notice the year the Spanish army declassified the documents; 1994. The collapse of the Soviet Union in 1991 (and with it , the fall of the Iron Curtain) helped lower the stakes this international poker game, and as such the world would learn about all sorts of crazy things that had been going on at both sides of the conflict in absolute secrecy.
Earlier in this writeup there is a data-based description of the phenomenon's behavior, but most importantly, it's ballistic trajectory. Adding to that, countless witnesses had described seeing either one or a couple of lights 'taking off like a rocket'. Let's remember; it had been ascertained that it originated at about 700 kilometers west and had moved further west in the middle of the Atlantic Ocean while reaching an altitude of 90 kilometers -which is about the lower thermosphere. This had already raised the first suspicions among the members of the Spanish intelligence services, suspicions that gained weight in 1994 -and that likely led to the declassification of the report- when much clearer and straightforward communication between the United States' government and Spain's allowed for a more open investigation of the sort of testing the Americans were engaging in. In 2001 an article of research journalism, coauthored by science journalists Ricardo Campo and Vicente-Juan Ballester Olmos finally identified what was behind the 1976 aerial phenomenon.
Campo and Ballester had already noticed its ballistic trajectory calculated in 1976. In 1999, suspecting already who (country) was the 'culprit', they accessed Jonathan McDowell's database of ballistic missile launches. Previous to that Campo and Ballester had failed to find any useful information in NASA's archives, as none of the launches in their registry matched the evidence, and prior to that -right after the 1994 declassification, in fact- they had traveled to Moscow looking for the possible explanation there. Russian military authorities had adamantly denied their involvement in the phenomena, which directed the investigators towards other leads (while at the same time not disregarding the possibility of Russia being behind it after all.
Finally, Campo and Ballester bumped into these two rows of the database. First column indicates the launch identification number. Second and third, the date (in the Julian and Gregorian calendars. Fourth is GMT time (which, adjusting for a compilation error, coincides with Canary Islands' GMT+1 local time when the phenomenon took place). The fifth column tells the type of missile, the sixth on identifies the launch platform and finally the seventh one indicates who was responsible for the launch.
Simply put, the information in these rows means; on June 22nd, 1976, two Poseidon C3 thermonuclear missiles were launched from US Navy's submarine USS Von Steuben), at 20:16 and 20:17 GTM.
The database does not include location (that information remains classified) but during their research Campo and Ballester learned from McDowell himself that the US Navy's eastern test range covers from Cape Canaveral (Florida, US) all the way Ascension Island. The location of the 1976's phenomenon falls well within such range.
From here, Campos and Ballester offered an explanation of its optics. The Poseidon C3 missile carries several 40-kiloton nuclear warheads (normally ten) -for comparison, Little Boy was a single 15-kiloton bomb. Once the two 400-kiloton missiles detonated in the thermosphere, the quick expansion of extremely hot atmospheric gases reflected the sunlight back to Earth, even though by then in Canary Islands the sun was already well below the horizon and the sky was pitch black; at 90 kilometers of altitude, these expanding gases were still in direct path of the sunlight. This reflection is what made the phenomenon appear so bright and big in spite of the 700+ kilometers of distance between witnesses and its source.
Campo and Ballester's article provided also an explanation for other similar events -albeit not that espectacular as the one pertaining this writeup- that had taken place in the islands between 1973 and 1979. All except one were found to be the result of other American thermonuclear tests, with the exception of this one seen south of the archipelago in 1979 -and finally acknowledged by Russia in 2017, although they did not explain what exactly it was.
Conclusion
TL;DR: It was a couple of thermonuclear missiles launched in secrecy by the US Navy in the middle of the Atlantic Ocean. The 'aliens' witness was, to put it mildy, an individual with an extreme tendency to make ludicrous statements and a marked need to be the centre of attention.
​
Campo and Ballester's work is available online for free, and anyone who speak Spanish can check the story of their investigation for themselves.
This is not to say that the whole 'aliens' narrative died down. To this day, the story of the 1976 phenomenon continues to be shared sometimes in media as 'proof' of UFO/aliens, even though it's literally neither -coincidentally, failing to mention the vast amount of evidence pointing at a thermonuclear test. In June of 2016 several newspapers published articles remembering the phenomenon in its 40th anniversary, and pretty much all of them reminded the reader right from the headline that the 'mystery' had long been solved.
Links and Sources
"Two red giants riding a missile" - Excellent article in the aforementioned online magazine Naukas written by Ricardo Campo himself on the phenomenon (Spanish)
The Spanish Army's declassified document on the event. It can be downloaded for free as a 107-pages long PDF
2016 Article (Spanish)

I was curious and bored at work. What do y'all think of this?
Sure, here's a sample itinerary for a 7-day trip to Iceland:
Day 1: Reykjavik

• Arrive in Reykjavik, Iceland's capital city.
• Explore downtown Reykjavik, including the Hallgrímskirkja church, Harpa concert hall, and the waterfront area.
• Optional: Visit the nearby Blue Lagoon geothermal spa for a relaxing soak.

Day 2: Golden Circle

• Drive the Golden Circle, a popular tourist route that includes Thingvellir National Park, Gullfoss waterfall, and the Geysir geothermal area.
• Optional: Visit the Secret Lagoon hot spring for a more secluded bathing experience.

Day 3: South Coast

• Drive along Iceland's dramatic south coast, stopping at waterfalls like Seljalandsfoss and Skógafoss and the black sand beaches of Reynisfjara.
• Optional: Take a glacier walk or hike on Sólheimajökull glacier.

Day 4: Vatnajökull National Park

• Drive to Vatnajökull National Park, which covers over 14% of Iceland's land area and contains Europe's largest glacier.
• Optional: Take a scenic flight over the glacier or take a guided ice cave tour.

Day 5: East Fjords

• Visit the scenic East Fjords, a region known for its stunning coastal landscapes and quaint fishing villages.
• Optional: Visit Papey island, a remote and uninhabited island accessible only by boat.

Day 6: Akureyri

• Drive to Akureyri, the largest town outside of Reykjavik and known as the "capital of the north."
• Explore the town's museums, parks, and landmarks, or take a whale watching tour from the harbor.

Day 7: Reykjavik

• Return to Reykjavik for your final day in Iceland.
• Optional: Check out the local food and nightlife scene, or take a day trip to the Snæfellsnes peninsula.

Note that this itinerary is just one suggestion and can be adjusted based on your interests and travel style. Additionally, road conditions and weather can vary widely in Iceland, so it's important to stay informed and flexible.

Hello, this is Max Lockhart with the North Texas Daily. I'm writing a story about the plans to introduce a section of the regional outer loop to Denton County that extends east-west from the 35 to the Dallas North Tollway. If you have anything you'd like to share about this road project, I'd love to hear from you! For those who are hearing about this for the first time, I'll provide some links for context.

Haze from Canadian wildfires blankets major areas of the US East Coast, resulting in poor air quality and health warnings.
Situation overview: Smoke from rampant wildfires in Canada has drifted south, affecting air quality in the Great Lakes region, Pennsylvania, New York, New Jersey, and Washington, D.C. * Authorities are warning residents, especially those with heart and lung diseases, the elderly, and young children, to be cautious of health issues related to poor air quality. * The Federal Aviation Administration issued a full ground stop at New York's LaGuardia Airport due to low visibility.
Official actions: In response to the situation, some officials urged people to stay indoors, avoid travel, and refrain from strenuous activities. * New York City, the largest public school system in the US, and Washington, D.C., public schools have canceled outdoor activities due to poor air quality.
Wildfire background: Dozens of wildfires are currently burning in the Canadian province of Québec, contributing to the smoke drifting across the US border. * Climate change has led to longer wildfire seasons and more acreage burned due to hotter and drier conditions. * The United Nations warned that a warming climate and land use changes would result in more wildfires globally.
View original article on NPR
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If for any reason an entrant's Entry is confirmed to have been erroneously deleted, lost, or otherwise destroyed or corrupted, entrant’s sole remedy is another entry in the Contest, provided that if it is not possible to award another entry due to discontinuance of the Contest, or any part of it, for any reason, Sponsor, at its discretion, may elect to hold a choosing from among all eligible entries received up to the date of discontinuance for any or all of the prizes offered herein. No more than the stated number of prizes will be awarded. In event that production, technical, programming or any other reasons cause more than stated number of prizes as set forth in these Official Rules to be available and/or claimed, Sponsor reserves the right to award only the stated number of prizes by a choosing from all legitimate, unawarded, eligible prize claims.
Sponsor reserves the right, in its sole discretion, to terminate, modify or suspend the Contest in whole or in part, if in Sponsor’s opinion: (a) the Contest is not capable of running as planned by reason of the occurrence of any event beyond its control including, but not limited to, fire, flood, epidemic, pandemic, earthquake, explosion, labor dispute or strike, act of God or public enemy, communications, equipment failure, utility or service interruptions, riot or civil disturbance, terrorist threat or activity, war (declared or undeclared), interference with the Contest by any party, or any federal, state, local or provincial government law, order, or regulation, order of any court or jurisdiction, or other cause not reasonably within Sponsor’s control, or (b) any other factors beyond Sponsor’s reasonable control corrupt or affect the administration, security, fairness, integrity, or proper conduct of the Contest, in all instances without liability to the participants. Sponsor also reserves the right to disqualify any participant or winner, as determined by Sponsor, in its sole discretion.

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2. Governing Law. These Official Rules and the Contest, and any action related thereto, will be governed by the Federal Arbitration Act, federal arbitration law and the laws of the State of California without regard to conflict of laws provisions. Except as otherwise expressly set forth in Section 11 “Dispute Resolution and Arbitration” the exclusive jurisdiction for all Disputes (defined below) that you and Sponsor are not required to arbitrate will be the state and federal courts located in Santa Clara County, California and you and Sponsor each waive any objection to jurisdiction and venue in such courts.
   

12. Dispute Resolution and Arbitration

(a) Mandatory Arbitration of Disputes. We each agree that any dispute, claim or controversy arising out of or relating to this Contest and these Official Rules or the breach, termination, enforcement, interpretation or validity thereof or participation in the Contest (collectively, “Disputes”) will be resolved solely by binding, individual arbitration and not in a class, representative or consolidated action or proceeding. You and Sponsor agree that the U.S. Federal Arbitration Act governs the interpretation and enforcement of these Official Rules, and that you and Sponsor are each waiving the right to a trial by jury or to participate in a class action. This arbitration provision shall survive termination of these Official Rules.
(b) Exceptions. As limited exceptions to Section 11(a) above: (i) we both may seek to resolve a Dispute in small claims court if it qualifies; and (ii) we each retain the right to seek injunctive or other equitable relief from a court to prevent (or enjoin) the infringement or misappropriation of our intellectual property rights.
(c) Conducting Arbitration and Arbitration Rules. The arbitration will be conducted by the American Arbitration Association (“AAA”) under its Consumer Arbitration Rules (the “AAA Rules”) then in effect, except as modified by these Official Rules. The AAA Rules are available at www.adr.org or by calling 1-800-778-7879. A party who wishes to start arbitration must submit a written Demand for Arbitration to AAA and give notice to the other party as specified in the AAA Rules. The AAA provides a form Demand for Arbitration at www.adr.org. Any arbitration hearings will take place in the county (or parish) where you live, unless we both agree to a different location. The parties agree that the arbitrator shall have exclusive authority to decide all issues relating to the interpretation, applicability, enforceability and scope of this arbitration agreement.
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(e) Injunctive and Declaratory Relief. Except as provided in 11(b) above, the arbitrator shall determine all issues of liability on the merits of any claim asserted by either party and may award declaratory or injunctive relief only in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted by that party’s individual claim. To the extent that you or we prevail on a claim and seek public injunctive relief (that is, injunctive relief that has the primary purpose and effect of prohibiting unlawful acts that threaten future injury to the public), the entitlement to and extent of such relief must be litigated in a civil court of competent jurisdiction and not in arbitration. The parties agree that litigation of any issues of public injunctive relief shall be stayed pending the outcome of the merits of any individual claims in arbitration.
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For any feedback or questions regarding these Official Rules, this Contest, winners, or prizes, you can contact Sponsor by sending an email to: [email protected]

CALGARY, AB / ACCESSWIRE / June 7, 2023 / Avila Energy Corporation ("Avila" or the "Company" or "Avila Energy"), trading symbol "CSE:VIK.CN", is pleased to announce the Company's acceptance of an initial financing commitment of U.S. $10 Million in Convertible Debentures and agreed upon use of proceeds in 2023.
The Company over the course of the past 2 months after completing a series of meetings with qualified parties for the financing of up to U.S. $35,000,000 in Convertible Debentures as part of its refocused plan on the balanced development of its assets in Alberta in 2023 in parallel to the development of its Vertically Integrated Energy Business has come to a decision. The results of this initial financing as announced, prior to the completion of the Business Combination and listing on the NASDAQ as agreed with Insight Acquisition Corporation and announced on April 3, 2023, solidifies it's the foundation to move forward with the execution of its business plan in parallel to the completion of the Listing.
Avila Energy is pleased to disclose that after numerous presentations, due diligence sessions and budget meetings over the past 2 months the Company has successfully negotiated and agreed to terms and accepted an offer of U.S.$10 million in Convertible Debentures to be priced as follows.
The financing is to be completed by way of private placement offering (i) pursuant to Section 4(a)(2) and/or Rule 506(b) of Regulation D under the US Securities Act of 1933 (the "US Securities Act"), as amended, or (ii) pursuant to Canada's applicable securities laws, including Multi-National Instrument 45-106 (the "CDN Act") and any and all applicable state/provincial securities laws (the "Offering").
The Units (the "Units") shall consist of consisting of (i) one 24-month convertible Unit with a stated face value of US$1,150 per Unit, convertible in the one common share at a conversion price of US$0.50 per share and (ii) a two-year warrant (the "Warrant") representing the right to purchase one (1) share of the Company's common stock ("Common Stock") for every dollar of the purchase price of the Unit at an exercise price of US$0.50/share.
The financing is anticipated to close promptly after completing all required legal documentation which are customary with a similar type of investment.
"The Company is pleased to accept the offer as negotiated, this financing funds takes into consideration all our short-term financing requirements, prior to entering into the Business Combination Agreement in April with Insight Acquisition Corp (NASDAQ:INAQ)". Upon completion of the financing, I look forward to unleashing the potential of the business plan in North America as outlined in the Company's Presentation that is available on its website." Said Leonard B. Van Betuw, President, director and CEO.
The Company's operations in Alberta have not been directly affected by the wildfires in Alberta but has taken the position of taking extreme caution in light of the very dry conditions that exist in the area.
Currently the operation is completing facilities turn-arounds and budgeting prior to starting the capital programs that will bring the Company's production up to 1,000 boe/d of which 15% is anticipated to be (150 bbls per day) oil and condensate, with the balance being natural gas and liquids.
Use of Proceeds - 2023
US $
Vertically Integrated Energy Business(1)
$
2,300,000
Capital Program(2) and Working Capital - West Central Alberta
$
1,700,000
Capital Program(2) - East and West Central Alberta (~1,750 boe/d)
$
4,000,000
Business Combination, Legal, and Associated Accounting Services
$
1,000,000
Vertically Integrated Energy Business - Initial Sales and Installations
$
1,000,000
Total
$
10,000,000
(1) The Company in the 1st half of 2023 has been continually having to adapt to change by addressing to the abrupt unanticipated transition from high Natural Gas prices of over CDN$5.00 per mcf in 2022 to the recent prices of under CDN$2.50 per mcf in 2023. As part of this transition, there has been the delay in the ramp-up of the Vertically Integrated Energy Business. Therefore, despite best efforts from time-to-time, part of this transition has been on-going negotiations with Micro Turbine Technology ("MTT"). The Company recently attended meetings in Eindhoven in the Netherlands and acknowledged that there have been some delays and despite our differences can confirm, that upon delivery of the outstanding payments to MTT that are within the budget noted above, it will have fulfilled its obligations and will be back on track. ' Despite our legal differences on the interpretation of both parties' contractual engagements, once Avila's financial commitments have been honoured with MTT, it will have cured MTT's Default Notice and be current on all its financial obligations towards MTT. Accordingly, Avila looks forward to ramping up its previously announced Vertically Integrated Energy Business in the course of 2023.
(2) Details for the Company's Capital Program is outlined within its Corporate Presentation that can be found on its website www.avilaenergy.com
About Avila Energy Corporation
The Company is an emerging CSE listed corporation trading under the symbol (‘VIK'), and in combination with an expanding portfolio of 100% Owned and Operated oil and natural gas production, pipelines and facilities is a licensed producer, explorer, and developer of Energy in Canada. The Company's long-term vision is to achieve through the implementation of a closed system of carbon capture and sequestration, an established path towards the material reduction of Tier 1, Tier 2 and Tier 3 emissions and continues to work towards becoming a vertically Integrated Carbon Neutral Energy Producer. The Company's goals are to be achieved by focusing on the application of proven geological, geophysical, engineering, and production techniques in combination and the direct sale of energy to both residential and commercial consumers.
For further information, please contact:
Ronnie Shporer, Investor Relations, North America or Peter Nesveda, Investor Relations, International or Leonard B. Van Betuw, President & CEO
Emails:
Ronnie Shporer: [email protected] Peter Nesveda: [email protected] Leonard B. Van Betuw: [email protected]
ON BEHALF OF THE BOARD Leonard B. Van Betuw President & CEO
Abbreviations
bbls/d - barrels per day BOE/d - barrels oil equivalent per day NGLs - Natural Gas Liquids Mboe - Thousands of barrels of oil equivalent MMboe - Millions of barrels of oil equivalent PDP - Proved Developed Producing TP - Total Proved Reserves TPP - Total Proved and Probable Reserves IFRS - International Financial Reporting Standards as issued by the International Accounting Standards Board WTI - West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the crude oil standard grade
Forward-Looking Information & Forward-Looking Statements Cautionary Statement
Certain information in this news release, including the operations at the Company's properties, constitute forward-looking statements under applicable securities laws. Although Avila Energy Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Avila Energy Corporation can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. This release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward looking statements. 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation, and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. It should not be assumed that the estimates of net present value of future net revenue attributable to the Company's reserves presented above represent the fair market value of the reserves. The recovery and reserve estimates of the Company's oil, NGL, and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Further, there is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. This news release shall not constitute an offer to sell or the solicitation of any 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. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. Trading in the securities of Avila Energy Corporation should be considered highly speculative. Neither the Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
SOURCE: Avila Energy Corporation
View source version on accesswire.com: https://www.accesswire.com/759849/Avila-Energy-Corporation-is-pleased-to-announce-the-Companys-acceptance-of-an-initial-Financing-Commitment-of-US-10-Million-in-Convertible-Debentures-and-agreed-upon-Use-of-Proceeds-in-2023

I'm about to start a new OOTP game when I started thinking that I wanted to play in a greatly expanded MLB structure and have it where divisions are based on specific locations rather than the vague east, central, and west.
Another goal was to add a little more international flair by including two new teams from Canada and starting two new Mexican teams.
A caveat is that I tried to make it so that cities didn't have two teams (like say New York or Chicago) but kept teams if they played in nearby towns (like Baltimore / Washington DC or San Francisco / Oakland).
So, here's my working list so far:

Eastern Conference

East Division

• Montreal Mets [formerly New York Mets]
• Boston Red Sox
• Philadelphia Phillies
• New York Yankees

North Division

• Toronto Blue Jays
• Detroit Tigers
• Cleveland Guardians
• Cincinnati Reds

Mid-Atlantic Division

• Pittsburgh Pirates
• Washington Nationals
• Charlotte Ghosts [expansion]
• Baltimore Orioles

Southeast Division

• Nashville Stars [expansion]
• Birmingham Firebirds [expansion]
• Atlanta Bulldogs [formerly Atlanta Braves]
• Jacksonville Judges [expansion]

Gulf Division

• Monterrey Jaguars [expansion]
• Miami Marlins
• Houston Astros
• New Orleans River Otters [formerly Tampa Bay Rays]

Western Conference

Midwest Division

• Chicago Cubs
• Milwaukee Brewers
• Minnesota Twins
• Indianapolis White Sox [formerly Chicago White Sox]

Central Division

• Memphis Stallions [expansion]
• Kansas City Royals
• St Louis Cardinals
• Texas Rangers

Pacific Division

• Seattle Mariners
• San Francisco Giants
• Oakland Athletics
• Vancouver Sparrows [expansion]

West Division

• Tijuana Saints [expansion]
• Los Angeles Dodgers
• San Diego Padres
• Anaheim Angels

Southwest Division

• Arizona Diamondbacks
• Albuquerque Isotopes [expansion]
• Las Vegas Aviators [expansion]
• Colorado Rockies

So those are my divisions. Take a look and let me know what you think, and if there's any cities you'd have added!

CALGARY, AB / ACCESSWIRE / June 7, 2023 / Avila Energy Corporation ("Avila" or the "Company" or "Avila Energy"), trading symbol "CSE:VIK.CN", is pleased to announce the Company's acceptance of an initial financing commitment of U.S. $10 Million in Convertible Debentures and agreed upon use of proceeds in 2023.
The Company over the course of the past 2 months after completing a series of meetings with qualified parties for the financing of up to U.S. $35,000,000 in Convertible Debentures as part of its refocused plan on the balanced development of its assets in Alberta in 2023 in parallel to the development of its Vertically Integrated Energy Business has come to a decision. The results of this initial financing as announced, prior to the completion of the Business Combination and listing on the NASDAQ as agreed with Insight Acquisition Corporation and announced on April 3, 2023, solidifies it's the foundation to move forward with the execution of its business plan in parallel to the completion of the Listing.
Avila Energy is pleased to disclose that after numerous presentations, due diligence sessions and budget meetings over the past 2 months the Company has successfully negotiated and agreed to terms and accepted an offer of U.S.$10 million in Convertible Debentures to be priced as follows.
The financing is to be completed by way of private placement offering (i) pursuant to Section 4(a)(2) and/or Rule 506(b) of Regulation D under the US Securities Act of 1933 (the "US Securities Act"), as amended, or (ii) pursuant to Canada's applicable securities laws, including Multi-National Instrument 45-106 (the "CDN Act") and any and all applicable state/provincial securities laws (the "Offering").
The Units (the "Units") shall consist of consisting of (i) one 24-month convertible Unit with a stated face value of US$1,150 per Unit, convertible in the one common share at a conversion price of US$0.50 per share and (ii) a two-year warrant (the "Warrant") representing the right to purchase one (1) share of the Company's common stock ("Common Stock") for every dollar of the purchase price of the Unit at an exercise price of US$0.50/share.
The financing is anticipated to close promptly after completing all required legal documentation which are customary with a similar type of investment.
"The Company is pleased to accept the offer as negotiated, this financing funds takes into consideration all our short-term financing requirements, prior to entering into the Business Combination Agreement in April with Insight Acquisition Corp (NASDAQ:INAQ)". Upon completion of the financing, I look forward to unleashing the potential of the business plan in North America as outlined in the Company's Presentation that is available on its website." Said Leonard B. Van Betuw, President, director and CEO.
The Company's operations in Alberta have not been directly affected by the wildfires in Alberta but has taken the position of taking extreme caution in light of the very dry conditions that exist in the area.
Currently the operation is completing facilities turn-arounds and budgeting prior to starting the capital programs that will bring the Company's production up to 1,000 boe/d of which 15% is anticipated to be (150 bbls per day) oil and condensate, with the balance being natural gas and liquids.
Use of Proceeds - 2023
US $
Vertically Integrated Energy Business(1)
$
2,300,000
Capital Program(2) and Working Capital - West Central Alberta
$
1,700,000
Capital Program(2) - East and West Central Alberta (~1,750 boe/d)
$
4,000,000
Business Combination, Legal, and Associated Accounting Services
$
1,000,000
Vertically Integrated Energy Business - Initial Sales and Installations
$
1,000,000
Total
$
10,000,000
(1) The Company in the 1st half of 2023 has been continually having to adapt to change by addressing to the abrupt unanticipated transition from high Natural Gas prices of over CDN$5.00 per mcf in 2022 to the recent prices of under CDN$2.50 per mcf in 2023. As part of this transition, there has been the delay in the ramp-up of the Vertically Integrated Energy Business. Therefore, despite best efforts from time-to-time, part of this transition has been on-going negotiations with Micro Turbine Technology ("MTT"). The Company recently attended meetings in Eindhoven in the Netherlands and acknowledged that there have been some delays and despite our differences can confirm, that upon delivery of the outstanding payments to MTT that are within the budget noted above, it will have fulfilled its obligations and will be back on track. ' Despite our legal differences on the interpretation of both parties' contractual engagements, once Avila's financial commitments have been honoured with MTT, it will have cured MTT's Default Notice and be current on all its financial obligations towards MTT. Accordingly, Avila looks forward to ramping up its previously announced Vertically Integrated Energy Business in the course of 2023.
(2) Details for the Company's Capital Program is outlined within its Corporate Presentation that can be found on its website www.avilaenergy.com
About Avila Energy Corporation
The Company is an emerging CSE listed corporation trading under the symbol (‘VIK'), and in combination with an expanding portfolio of 100% Owned and Operated oil and natural gas production, pipelines and facilities is a licensed producer, explorer, and developer of Energy in Canada. The Company's long-term vision is to achieve through the implementation of a closed system of carbon capture and sequestration, an established path towards the material reduction of Tier 1, Tier 2 and Tier 3 emissions and continues to work towards becoming a vertically Integrated Carbon Neutral Energy Producer. The Company's goals are to be achieved by focusing on the application of proven geological, geophysical, engineering, and production techniques in combination and the direct sale of energy to both residential and commercial consumers.
For further information, please contact:
Ronnie Shporer, Investor Relations, North America or Peter Nesveda, Investor Relations, International or Leonard B. Van Betuw, President & CEO
Emails:
Ronnie Shporer: [email protected] Peter Nesveda: [email protected] Leonard B. Van Betuw: [email protected]
ON BEHALF OF THE BOARD Leonard B. Van Betuw President & CEO
Abbreviations
bbls/d - barrels per day BOE/d - barrels oil equivalent per day NGLs - Natural Gas Liquids Mboe - Thousands of barrels of oil equivalent MMboe - Millions of barrels of oil equivalent PDP - Proved Developed Producing TP - Total Proved Reserves TPP - Total Proved and Probable Reserves IFRS - International Financial Reporting Standards as issued by the International Accounting Standards Board WTI - West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the crude oil standard grade
Forward-Looking Information & Forward-Looking Statements Cautionary Statement
Certain information in this news release, including the operations at the Company's properties, constitute forward-looking statements under applicable securities laws. Although Avila Energy Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Avila Energy Corporation can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. This release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward looking statements. 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation, and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. It should not be assumed that the estimates of net present value of future net revenue attributable to the Company's reserves presented above represent the fair market value of the reserves. The recovery and reserve estimates of the Company's oil, NGL, and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Further, there is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. This news release shall not constitute an offer to sell or the solicitation of any 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. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. Trading in the securities of Avila Energy Corporation should be considered highly speculative. Neither the Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
SOURCE: Avila Energy Corporation
View source version on accesswire.com: https://www.accesswire.com/759849/Avila-Energy-Corporation-is-pleased-to-announce-the-Companys-acceptance-of-an-initial-Financing-Commitment-of-US-10-Million-in-Convertible-Debentures-and-agreed-upon-Use-of-Proceeds-in-2023

CALGARY, AB / ACCESSWIRE / June 7, 2023 / Avila Energy Corporation ("Avila" or the "Company" or "Avila Energy"), trading symbol "CSE:VIK.CN", is pleased to announce the Company's acceptance of an initial financing commitment of U.S. $10 Million in Convertible Debentures and agreed upon use of proceeds in 2023.
The Company over the course of the past 2 months after completing a series of meetings with qualified parties for the financing of up to U.S. $35,000,000 in Convertible Debentures as part of its refocused plan on the balanced development of its assets in Alberta in 2023 in parallel to the development of its Vertically Integrated Energy Business has come to a decision. The results of this initial financing as announced, prior to the completion of the Business Combination and listing on the NASDAQ as agreed with Insight Acquisition Corporation and announced on April 3, 2023, solidifies it's the foundation to move forward with the execution of its business plan in parallel to the completion of the Listing.
Avila Energy is pleased to disclose that after numerous presentations, due diligence sessions and budget meetings over the past 2 months the Company has successfully negotiated and agreed to terms and accepted an offer of U.S.$10 million in Convertible Debentures to be priced as follows.
The financing is to be completed by way of private placement offering (i) pursuant to Section 4(a)(2) and/or Rule 506(b) of Regulation D under the US Securities Act of 1933 (the "US Securities Act"), as amended, or (ii) pursuant to Canada's applicable securities laws, including Multi-National Instrument 45-106 (the "CDN Act") and any and all applicable state/provincial securities laws (the "Offering").
The Units (the "Units") shall consist of consisting of (i) one 24-month convertible Unit with a stated face value of US$1,150 per Unit, convertible in the one common share at a conversion price of US$0.50 per share and (ii) a two-year warrant (the "Warrant") representing the right to purchase one (1) share of the Company's common stock ("Common Stock") for every dollar of the purchase price of the Unit at an exercise price of US$0.50/share.
The financing is anticipated to close promptly after completing all required legal documentation which are customary with a similar type of investment.
"The Company is pleased to accept the offer as negotiated, this financing funds takes into consideration all our short-term financing requirements, prior to entering into the Business Combination Agreement in April with Insight Acquisition Corp (NASDAQ:INAQ)". Upon completion of the financing, I look forward to unleashing the potential of the business plan in North America as outlined in the Company's Presentation that is available on its website." Said Leonard B. Van Betuw, President, director and CEO.
The Company's operations in Alberta have not been directly affected by the wildfires in Alberta but has taken the position of taking extreme caution in light of the very dry conditions that exist in the area.
Currently the operation is completing facilities turn-arounds and budgeting prior to starting the capital programs that will bring the Company's production up to 1,000 boe/d of which 15% is anticipated to be (150 bbls per day) oil and condensate, with the balance being natural gas and liquids.
Use of Proceeds - 2023
US $
Vertically Integrated Energy Business(1)
$
2,300,000
Capital Program(2) and Working Capital - West Central Alberta
$
1,700,000
Capital Program(2) - East and West Central Alberta (~1,750 boe/d)
$
4,000,000
Business Combination, Legal, and Associated Accounting Services
$
1,000,000
Vertically Integrated Energy Business - Initial Sales and Installations
$
1,000,000
Total
$
10,000,000
(1) The Company in the 1st half of 2023 has been continually having to adapt to change by addressing to the abrupt unanticipated transition from high Natural Gas prices of over CDN$5.00 per mcf in 2022 to the recent prices of under CDN$2.50 per mcf in 2023. As part of this transition, there has been the delay in the ramp-up of the Vertically Integrated Energy Business. Therefore, despite best efforts from time-to-time, part of this transition has been on-going negotiations with Micro Turbine Technology ("MTT"). The Company recently attended meetings in Eindhoven in the Netherlands and acknowledged that there have been some delays and despite our differences can confirm, that upon delivery of the outstanding payments to MTT that are within the budget noted above, it will have fulfilled its obligations and will be back on track. ' Despite our legal differences on the interpretation of both parties' contractual engagements, once Avila's financial commitments have been honoured with MTT, it will have cured MTT's Default Notice and be current on all its financial obligations towards MTT. Accordingly, Avila looks forward to ramping up its previously announced Vertically Integrated Energy Business in the course of 2023.
(2) Details for the Company's Capital Program is outlined within its Corporate Presentation that can be found on its website www.avilaenergy.com
About Avila Energy Corporation
The Company is an emerging CSE listed corporation trading under the symbol (‘VIK'), and in combination with an expanding portfolio of 100% Owned and Operated oil and natural gas production, pipelines and facilities is a licensed producer, explorer, and developer of Energy in Canada. The Company's long-term vision is to achieve through the implementation of a closed system of carbon capture and sequestration, an established path towards the material reduction of Tier 1, Tier 2 and Tier 3 emissions and continues to work towards becoming a vertically Integrated Carbon Neutral Energy Producer. The Company's goals are to be achieved by focusing on the application of proven geological, geophysical, engineering, and production techniques in combination and the direct sale of energy to both residential and commercial consumers.
For further information, please contact:
Ronnie Shporer, Investor Relations, North America or Peter Nesveda, Investor Relations, International or Leonard B. Van Betuw, President & CEO
Emails:
Ronnie Shporer: [email protected] Peter Nesveda: [email protected] Leonard B. Van Betuw: [email protected]
ON BEHALF OF THE BOARD Leonard B. Van Betuw President & CEO
Abbreviations
bbls/d - barrels per day BOE/d - barrels oil equivalent per day NGLs - Natural Gas Liquids Mboe - Thousands of barrels of oil equivalent MMboe - Millions of barrels of oil equivalent PDP - Proved Developed Producing TP - Total Proved Reserves TPP - Total Proved and Probable Reserves IFRS - International Financial Reporting Standards as issued by the International Accounting Standards Board WTI - West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the crude oil standard grade
Forward-Looking Information & Forward-Looking Statements Cautionary Statement
Certain information in this news release, including the operations at the Company's properties, constitute forward-looking statements under applicable securities laws. Although Avila Energy Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Avila Energy Corporation can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. This release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward looking statements. 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation, and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. It should not be assumed that the estimates of net present value of future net revenue attributable to the Company's reserves presented above represent the fair market value of the reserves. The recovery and reserve estimates of the Company's oil, NGL, and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Further, there is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. This news release shall not constitute an offer to sell or the solicitation of any 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. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. Trading in the securities of Avila Energy Corporation should be considered highly speculative. Neither the Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
SOURCE: Avila Energy Corporation
View source version on accesswire.com: https://www.accesswire.com/759849/Avila-Energy-Corporation-is-pleased-to-announce-the-Companys-acceptance-of-an-initial-Financing-Commitment-of-US-10-Million-in-Convertible-Debentures-and-agreed-upon-Use-of-Proceeds-in-2023 CALGARY, AB / ACCESSWIRE / June 7, 2023 / Avila Energy Corporation ("Avila" or the "Company" or "Avila Energy"), trading symbol "CSE:VIK.CN", is pleased to announce the Company's acceptance of an initial financing commitment of U.S. $10 Million in Convertible Debentures and agreed upon use of proceeds in 2023.
The Company over the course of the past 2 months after completing a series of meetings with qualified parties for the financing of up to U.S. $35,000,000 in Convertible Debentures as part of its refocused plan on the balanced development of its assets in Alberta in 2023 in parallel to the development of its Vertically Integrated Energy Business has come to a decision. The results of this initial financing as announced, prior to the completion of the Business Combination and listing on the NASDAQ as agreed with Insight Acquisition Corporation and announced on April 3, 2023, solidifies it's the foundation to move forward with the execution of its business plan in parallel to the completion of the Listing.
Avila Energy is pleased to disclose that after numerous presentations, due diligence sessions and budget meetings over the past 2 months the Company has successfully negotiated and agreed to terms and accepted an offer of U.S.$10 million in Convertible Debentures to be priced as follows.
The financing is to be completed by way of private placement offering (i) pursuant to Section 4(a)(2) and/or Rule 506(b) of Regulation D under the US Securities Act of 1933 (the "US Securities Act"), as amended, or (ii) pursuant to Canada's applicable securities laws, including Multi-National Instrument 45-106 (the "CDN Act") and any and all applicable state/provincial securities laws (the "Offering").
The Units (the "Units") shall consist of consisting of (i) one 24-month convertible Unit with a stated face value of US$1,150 per Unit, convertible in the one common share at a conversion price of US$0.50 per share and (ii) a two-year warrant (the "Warrant") representing the right to purchase one (1) share of the Company's common stock ("Common Stock") for every dollar of the purchase price of the Unit at an exercise price of US$0.50/share.
The financing is anticipated to close promptly after completing all required legal documentation which are customary with a similar type of investment.
"The Company is pleased to accept the offer as negotiated, this financing funds takes into consideration all our short-term financing requirements, prior to entering into the Business Combination Agreement in April with Insight Acquisition Corp (NASDAQ:INAQ)". Upon completion of the financing, I look forward to unleashing the potential of the business plan in North America as outlined in the Company's Presentation that is available on its website." Said Leonard B. Van Betuw, President, director and CEO.
The Company's operations in Alberta have not been directly affected by the wildfires in Alberta but has taken the position of taking extreme caution in light of the very dry conditions that exist in the area.
Currently the operation is completing facilities turn-arounds and budgeting prior to starting the capital programs that will bring the Company's production up to 1,000 boe/d of which 15% is anticipated to be (150 bbls per day) oil and condensate, with the balance being natural gas and liquids.
Use of Proceeds - 2023
US $
Vertically Integrated Energy Business(1)
$
2,300,000
Capital Program(2) and Working Capital - West Central Alberta
$
1,700,000
Capital Program(2) - East and West Central Alberta (~1,750 boe/d)
$
4,000,000
Business Combination, Legal, and Associated Accounting Services
$
1,000,000
Vertically Integrated Energy Business - Initial Sales and Installations
$
1,000,000
Total
$
10,000,000
(1) The Company in the 1st half of 2023 has been continually having to adapt to change by addressing to the abrupt unanticipated transition from high Natural Gas prices of over CDN$5.00 per mcf in 2022 to the recent prices of under CDN$2.50 per mcf in 2023. As part of this transition, there has been the delay in the ramp-up of the Vertically Integrated Energy Business. Therefore, despite best efforts from time-to-time, part of this transition has been on-going negotiations with Micro Turbine Technology ("MTT"). The Company recently attended meetings in Eindhoven in the Netherlands and acknowledged that there have been some delays and despite our differences can confirm, that upon delivery of the outstanding payments to MTT that are within the budget noted above, it will have fulfilled its obligations and will be back on track. ' Despite our legal differences on the interpretation of both parties' contractual engagements, once Avila's financial commitments have been honoured with MTT, it will have cured MTT's Default Notice and be current on all its financial obligations towards MTT. Accordingly, Avila looks forward to ramping up its previously announced Vertically Integrated Energy Business in the course of 2023.
(2) Details for the Company's Capital Program is outlined within its Corporate Presentation that can be found on its website www.avilaenergy.com
About Avila Energy Corporation
The Company is an emerging CSE listed corporation trading under the symbol (‘VIK'), and in combination with an expanding portfolio of 100% Owned and Operated oil and natural gas production, pipelines and facilities is a licensed producer, explorer, and developer of Energy in Canada. The Company's long-term vision is to achieve through the implementation of a closed system of carbon capture and sequestration, an established path towards the material reduction of Tier 1, Tier 2 and Tier 3 emissions and continues to work towards becoming a vertically Integrated Carbon Neutral Energy Producer. The Company's goals are to be achieved by focusing on the application of proven geological, geophysical, engineering, and production techniques in combination and the direct sale of energy to both residential and commercial consumers.
For further information, please contact:
Ronnie Shporer, Investor Relations, North America or Peter Nesveda, Investor Relations, International or Leonard B. Van Betuw, President & CEO
Emails:
Ronnie Shporer: [email protected] Peter Nesveda: [email protected] Leonard B. Van Betuw: [email protected]
ON BEHALF OF THE BOARD Leonard B. Van Betuw President & CEO
Abbreviations
bbls/d - barrels per day BOE/d - barrels oil equivalent per day NGLs - Natural Gas Liquids Mboe - Thousands of barrels of oil equivalent MMboe - Millions of barrels of oil equivalent PDP - Proved Developed Producing TP - Total Proved Reserves TPP - Total Proved and Probable Reserves IFRS - International Financial Reporting Standards as issued by the International Accounting Standards Board WTI - West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the crude oil standard grade
Forward-Looking Information & Forward-Looking Statements Cautionary Statement
Certain information in this news release, including the operations at the Company's properties, constitute forward-looking statements under applicable securities laws. Although Avila Energy Corporation believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Avila Energy Corporation can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. This release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward looking statements. 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation, and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. It should not be assumed that the estimates of net present value of future net revenue attributable to the Company's reserves presented above represent the fair market value of the reserves. The recovery and reserve estimates of the Company's oil, NGL, and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Further, there is no assurance that the forecast prices and costs assumptions will be attained, and variances could be material. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. This news release shall not constitute an offer to sell or the solicitation of any 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. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. Trading in the securities of Avila Energy Corporation should be considered highly speculative. Neither the Canadian Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Stock Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
SOURCE: Avila Energy Corporation
View source version on accesswire.com: https://www.accesswire.com/759849/Avila-Energy-Corporation-is-pleased-to-announce-the-Companys-acceptance-of-an-initial-Financing-Commitment-of-US-10-Million-in-Convertible-Debentures-and-agreed-upon-Use-of-Proceeds-in-2023