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Largo Resources announces non-binding M.O.U. with Vionx Energy Corporation
Largo Resources announces non-binding M.O.U. with Vionx Energy Corporation Largo R...
About this update from Largo Inc.
[{"type":"text","content":"\n\n\n\nLargo Resources announces non-binding M.O.U. with Vionx Energy Corporation\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nLargo Resources announces non-binding M.O.U. with Vionx Energy Corporation\nCanada NewsWire\nTORONTO, July 18, 2016\n\n\n\nTORONTO, July 18, 2016 /CNW/ - Largo Resources Ltd. (\"Largo\" or the \"Company\") (TSX: LGO) (OTCQB: LGORF) is very pleased to announce that it has entered into a non-binding memorandum of understanding (the \"MOU\") with Vionx Energy Corporation (\"Vionx\"), a company which develops, produces and sells Vanadium Redox Flow Batteries (\"VRBs\") for utility grid applications. The MOU summarizes the principal terms upon which Largo and Vionx will continue discussions that may lead to the supply by Largo of vanadium electrolyte to Vionx to further the research and development of advanced VRBs utilizing VNX Grid Energy Storage Systems.\n\nLargo and Vionx have agreed to continue discussions aimed at achieving stable pricing and necessary capacity with an industry leading value proposition for VRB systems, utilizing Vionx product technical, cost, and partner advantages combined with Largo supply capacity, cost advantage, and high quality processing capability.\n\nThe proposal set out between the parties in the MOU is conditional upon, among other things, the satisfactory completion of due diligence, negotiation and execution of a definitive agreement (the \"Definitive Agreement\") between Largo and Vionx setting out the terms and conditions of any transaction, approvals of the respective boards of directors and receipt of all necessary regulatory and contractual consents and approvals.  In addition and to the extent that the Definitive Agreement, if any, contemplates the use of V205 production from Largo's Maracás Menchen Mine during the term of the Company's current exclusive offtake agreement with Glencore, the prior consent of Glencore would also be required.\n\nThe parties contemplate that the Definitive Agreement will provide that Vionx will be Largo's  partner for cooperative sales of vanadium pro...