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CellCube Appoints Neylan Chairman of Spinout Company, V23 Resource Corp.
CellCube Appoints Neylan Chairman of Spinout Company, V23 Resource Corp..
About this update from Saltbae Capital Corp
[{"type":"text","content":"\n\n\n\nCellCube Appoints Neylan Chairman of Spinout Company, V23 Resource Corp.\n\n\n\n\n\nCellCube Appoints Neylan Chairman of Spinout Company, V23 Resource Corp.\nPR Newswire\nTORONTO, July 24, 2018\n\n\n\nTORONTO, July 24, 2018 /PRNewswire/ --\n\nCellCube Energy Storage Systems Inc. (formerly Stina Resources Ltd.) (\"CellCube\" or the \"Company\") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X).\n\nFurther to its Press Release of June 28, 2018, CellCube Energy Storage Systems is pleased to announce further details involving the spinout of its 100-per-cent-owned vanadium project, the Bisoni Mackay and Bisoni-Rio in Nevada, into a newly formed subsidiary, V23 Resource Corp. (\"V23 Corp.\")\n\nCellCube has now completed the incorporation of V23 Resource Corp. and appointed Mr. Mike Neylan chairman of the company. Mr. Neylan has over 20 years of extensive financial, legal and international corporate experience. Most recently, he was a portfolio manager in the private equity division of Sprott Inc. (\"Sprott\"), a leading alternative investment manager with over $11 billion in assets under management, where he was primarily responsible for establishing Sprott Asia. While at Sprott, he helped raise over $500 million of institutional investment capital from China and Korea and executed over $300 million of investments predominantly in the resource and renewable power sectors.\n\n\"I am very enthused to be leading the structuring and implementation of V23 Corp. as a standalone vanadium resource company,\" Neylan stated. \"Over the coming weeks, we will be assembling a highly qualified board of directors and management team as we prepare to finalize the spinout and distribution to CellCube shareholders of V23 Corp. shares beginning in September this year.\"\n\nThe price of vanadium pentoxide has risen from a low of $2.5/lb in 2016 (through $4.2/lb in 2017) to a 9-year high of almost $17.0/lb today. Vanadium, widely used as an alloy to strengthen steel and in vanadium flow batteries for the energy storage industry, is the best-performing battery metal over this time period surpassing cobalt, copper and nickel.\n\nUpon completion of the spinout arrangement, the company intends to issue one share of V23 Corp. for every two shares of CellCube held by CellCube shareholders of record. The company intends to retain a 19.9-per-cent interest...