Business
Crest Resources Acquires EResource Technologies I, LLC to Focus on the Application of Technological Innovation in the Resource Industry
Vancouver, B.C. - TheNewswire – January 22, 2021 - Crest Resources Inc. (“Crest” or the “Company”) (CSE:CRES) (CNSX:CRES.CN) (OTC:CRSTF) announces that it has e
About this update from Mineral Road Discovery Inc.
[{"type":"text","content":"Vancouver, B.C. - TheNewswire – January 22, 2021 - Crest Resources Inc. (“Crest” or the “Company”) (CSE:CRES) (CNSX:CRES.CN) (OTC:CRSTF) announces that it has entered into a Share Purchase and Sale Agreement (the “Agreement”) to acquire all of the issued and outstanding shares of EResource Technologies I, LLC (“EResource”), a Silicon Valley based company in consideration for 4,000,000 common shares of the Company at a deemed price of $0.09 per share (the “Payment Shares”). EResource is a newly formed private company wholly-owned by Jonas Norr, a Director of the Company (“Norr”), that intends to seek out and acquire technologies of use in the resources industry. The Payment Shares will be held in escrow by the Company to be released to Norr as to 1,000,000 Payment Shares upon execution of the Agreement and an additional 750,000 Payment Shares every six months thereafter over a period of 24 months. EResources will target core technologies that deliver social impact while addressing the most pressing efficiency concerns for core industries including but not limited to: Natural Resources, Energy, and associated material science technology, by utilizing ground breaking solutions offered by artificial intelligence, robotics, chemistry, and the biosciences. With the close of this transaction, work will begin immediately with an initial cohort of solutions to be identified and alpha-tested by late Q1 of 2021. The purchase seeks to offer an innovative alternative to venture capital for core technologies with robust industry applications outside of the most active global innovation hubs. Crest President and CEO Michael Collins comments, “2020 has seen a renewed focus in Silicon Valley on ESG and resource access issues. Elon Musk’s assurances of lithium supply is indicative of Tesla’s concern over their lithium supply. The stock market is driven by rumours of new battery composition. With this acquisition, Crest is enabling itself to move in ways that harness core innovations developed by leading authorities that can deliver impact on material science, related technologies, and ESG. We at Crest feel strongly that is a clear differentiated value proposition where we can lead and capture value for our shareholders.” Jonas Norr observes, “The resource industry and the energies that drive it are core to modern life as w...