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Margaret Lake Diamonds Announces Joint Venture with KORID Energy Co. Inc. for Vanadium Redox Flow Battery Factory
VANCOUVER, BC / ACCESSWIRE / January 27, 2020 / Margaret Lake Diamonds Inc. ("Margaret Lake"...
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[{"type":"text","content":"Margaret Lake Diamonds Announces Joint Venture with KORID Energy Co. Inc. for Vanadium Redox Flow Battery FactoryVANCOUVER, BC / ACCESSWIRE / January 27, 2020 / Margaret Lake Diamonds Inc. (\"Margaret Lake\" or the \"Company\") (TSX.V:DIA)(FKT:M85) and KORID Energy Company Inc. (\"KORID\"), a subsidiary of DST Inc. (\"DST\") (KOSDAQ: 033430), are pleased to announce a joint venture to construct a factory (the \"Factory\") in the United States for the purpose of producing Vanadium Redox Flow Batteries and energy storage systems (the \"Joint Venture\"). Executives of Margaret Lake and KORID along with past and current officials of the State of New York met in New York City for the signing of the joint venture agreement. The planned Phase I capacity of the Factory is 50MW output and 200MWh of storage. Pictured standing from L to R: Yunki Kim, President, DST, Kyonglock Na, Head of R&D,KORID, Jason Kuh, Vice-chairman, DST Group, George Pataki, Former Governor of NY State, John Kerry, President, John Kerry Energy Solutions, Neil Foran, CFO, Margaret Lake. Seated L to R are Paul Kim, Chairman DST Group and President of KORID, Jared Lazerson, CEO and President of Margaret Lake.Opening remarks by John Kerry and former New York Governor George Pataki are available at https://youtu.be/KIre7TMNb5kJOINT VENTUREThe Joint Venture grants exclusive global rights to KORID's proprietary vanadium redox battery technology, with the exception of Korea and Australia, to Margaret Lake. In addition, KORID will provide technical assistance for design, construction and operation of the Factory. In consideration Margaret Lake has agreed to the following terms:Margaret Lake will complete a consolidation of its outstanding shares on a 1 new share for every 5.468 old shares basis, resulting in shares outstanding of 10,001,205;Margaret Lake will raise $5,000,000 at a price of $0.25 resulting in an issuance of 20,000,000 post-consolidation shares of Margaret Lake;KORID, DST Inc. and Protean Energy Ltd. will receive an aggregate 20,000,000 post-consolidation shares of Margaret Lake in consideration for the exclusive technology license and technical assistance in design, construction, and operation of the Factory.The Joint Venture will be implemented pursuant to the terms of a Joint Venture Agreement between the Company and KORID dated January 13, 2020. Imple...