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CellCube to Spin Out Vanadium Assets to a New Vanadium Focused Public Company and to Make Special Distribution to Shareholders
CellCube to Spin Out Vanadium Assets to a New Vanadium Focused Public Company and to Make Special Distribution to Shareholders.
About this update from Saltbae Capital Corp
[{"type":"text","content":"\n\n\n\nCellCube to Spin Out Vanadium Assets to a New Vanadium Focused Public Company and to Make Special Distribution to Shareholders\n\n\n\n\n\nCellCube to Spin Out Vanadium Assets to a New Vanadium Focused Public Company and to Make Special Distribution to Shareholders\nPR Newswire\nTORONTO, June 28, 2018\n\n\n\nTORONTO, June 28, 2018 /PRNewswire/ --\n\nCellCube Energy Storage Systems Inc. (\"CellCube\" or the \"Company\") (CSE: CUBE) (OTC: CECBF) (Frankfurt: 01X) is pleased to announce the Company intends to spin out its 100% owned vanadium project, Bisoni Mackay and Bisoni-Rio in Nevada, USA, into a newly formed subsidiary called Vanadium 23 Corp. (\"Vanadium 23\").\n\nVanadium prices have increased over 320% since January 2017 with V2O5 prices now approximately US $17 per pound.  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 spin out arrangement, the Company intends to issue one (1) share of Vanadium 23 for every two (2) shares of CellCube held by CellCube shareholders of record.  The Company intends to retain a 19.9% interest in Vanadium 23.\n\nTransaction highlights:\n\n\nVanadium 23 will be a publicly listed independent vanadium exploration and production company with advanced projects in Nevada.  \n\n\n\nDistribution of a share dividend to CellCube shareholders with CellCube retaining a 19.9% ownership as well as certain off-take rights and a net smelter royalty.\n\n\n\nThe formation of a new \"pure play\" vanadium company, Vanadium 23, that will fast track its drilling programs on the vanadium projects to upgrade its Indicated and Inferred Resources.  On completion of the planned drilling, a new NI 43-101 Technical Report will be commissioned to develop a new resource estimate. It is planned to follow this by commissioning a Preliminary Economic Assessment.\n\n\n\nA National Instrument 43-101 Indicated Resource of 11.9 million tons at an average grade of 0.39 per cent vanadium pentoxide (V2O5), and an Inferred Resource of 7.0 million tons at an average grade of 0.42 per cent V2O5 (see Company news release Sept. 13, 2016). Only 12 per cent of the Bisoni McKay area has been drilled, and none of the Bisoni-Rio...