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First Vanadium Corp. Announces Reduction of Royalty by Repurchasing 1.5% of NSR on Carlin Vanadium Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - November 30, 2018) - First Vanadium Corp. (for...
About this update from Phenom Resources Corp
[{"type":"text","content":"First Vanadium Corp. Announces Reduction of Royalty by Repurchasing 1.5% of NSR on Carlin Vanadium Project, NevadaVancouver, British Columbia--(Newsfile Corp. - November 30, 2018) - First Vanadium Corp. (formerly Cornerstone Metals Inc.) (TSXV: FVAN) (OTCQX: FVANF) (FSE: 1PY) (\"First Vanadium\" or the \"Company\") is pleased to announce that it has negotiated the purchase of a 1.5% NSR attached to its Carlin Vanadium property in consideration for which it will issue 1,300,000 common shares of the Company to the owner of the NSR. The shares, when issued, will be subject to a hold period expiring four months plus a day after the date of their issuances in compliance with Canadian securities laws. The completion of this purchase is subject to TSX Venture Exchange acceptance.Paul Cowley, President of the Company, stated: \"This is a unique opportunity for us at this time to extinguish a 1.5% NSR on the Carlin Vanadium Property and associated advanced royalty payments, all at a deep discount of roughly 67% to the original US$3 million buy-back price established for this NSR. This preserves and focuses our treasury on advancing the project. Upon completion of this transaction, only a 2% NSR will remain attached to the property, with the Company retaining the rights to purchase the remaining NSR for US$4 million.\"About First Vanadium Corp.First Vanadium (formerly Cornerstone Metals Inc.) has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County 6 miles south from the town of Carlin, Nevada on Highway I-80. The Carlin Vanadium Project hosts the Carlin Vanadium Deposit which is flat to shallow dipping and at shallow depths, 0-60 m (0-200 ft) below surface.ON BEHALF OF FIRST VANADIUM CORP.per: \"Paul Cowley\"CEO & President(604) [email protected] TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-looking informationCertain statements in this news release constitute \"forward-looking\" statements. These statements relate to future events or the Company's future performance and include the Company's completion of the acquisition of a 1.5% NSR attached to the Carlin Vanadium project. All such statements invo...