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Minnova Corp. Tentative Agreement with MB Hydro to Purchase Power Line Infrastructure New Green Energy Development Opportunity
Toronto, Ontario--(Newsfile Corp. - November 12, 2021) - Minnova Corp. (TSXV: MCI) (OTC Pink: ...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. Tentative Agreement with MB Hydro to Purchase Power Line Infrastructure New Green Energy Development OpportunityToronto, Ontario--(Newsfile Corp. - November 12, 2021) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) (\"Minnova\" or the \"Company\"), a discovery-stage exploration and advanced development-stage gold company focused on the expansion and restart of our 100% owned PL Gold Mine in central Manitoba is pleased to announce that it has reached a tentative agreement to purchase the power line infrastructure connecting the PL Gold Mine to the Manitoba Electrical grid from Manitoba Hydro. The transaction is expected to close in early January 2021, subject to satisfaction of customary closing conditions.The power line infrastructure consists of a partially refurbished twenty-two kilometer, 3-phase 25kVa power line that connects the existing mine site electric distribution grid the Manitoba Hydro electric grid at a sub-station located at Sherridon MB. The purchase price for power line is $150,000 in cash.Figure 1: Photos of Existing Power Line InfrastructureTo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/3654/103245_minnovaenhanced.jpgGord Glenn, President & CEO commented \"benefits of acquiring the power line are threefold; 1) it will become part of the core infrastructure required for our planned restart of the PL Gold Mine, 2) approximately $750,000 in current balance sheet liabilities related to a 2011 MB Hydro power refurbishment contract will eliminated and 3) the ownership of powerline is an opportunity to advance our wholly owned Minnova Renewable Energy strategy to develop and produce renewable / green energy and restart the PL Gold Mine utilizing renewable energy. Our goal is to produce the greenest ounce of gold possible. Beyond contributing green energy to PL Gold Mine's energy demand mix we also see opportunity to position Minnova Renewable Energy at the forefront of northern green energy transition and potentially expand its revenue base by selling power back into the existing electrical grid. This is an exciting time for Minnova shareholder's, gold focused investors and any investors seeking future renewable energy development exposure as we continue to advance discussions on financing and optimization of the planned restart of the PL Gold mine and add p...