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Margaret Lake Diamonds Announces Resumption of Trade
VANCOUVER, BC / ACCESSWIRE / February 10, 2020 / Margaret Lake Diamonds Inc. ("Margaret Lake...
About this update from Vault Strategic Mining Corp.
[{"type":"text","content":"Margaret Lake Diamonds Announces Resumption of TradeVANCOUVER, BC / ACCESSWIRE / February 10, 2020 / Margaret Lake Diamonds Inc. (\"Margaret Lake\" or the \"Company\") (TSXV:DIA)(FKT:M85) is pleased to announce, further to its news release of January 27, 2020 announcing its proposed vanadium redox flow battery and energy storage system joint venture (the \"Transaction\") with KORID Energy Company Ltd. (\"KORID\"), that effective at the open on Tuesday, February 11, 2020, trading in the Company's shares will resume. Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance.For more information in respect of the Transaction, please refer to the Company's news release dated January 27, 2020 (the \"Prior Release\"). As set out in the Prior Release, the Company proposes to issue 20,000,000 post-consolidation common shares as initial Transaction consideration (the \"Consideration Shares\"). Further to the Prior Release, the Company wishes to clarify that the proposed recipients of the Consideration Shares will be: KORID, as to 7,500,000 Consideration Shares; DST Co., Ltd. (\"DST\") (KOSDAQ: 033430), as to 7,500,000 Consideration Shares; and LKAT Co., Ltd. (LKAT\") as to 5,000,000 Consideration Shares. Each of DST and LKAT are shareholders of KORID. In connection with the Transaction, the Company proposes to incorporate a United States subsidiary to principally operate the proposed joint venture obligations of the Company (\"DIA US\"). The board of directors of DIA US will be comprised of two nominees of the Company and two nominees of KORID. The Company also proposes to reconstitute its board of directors in connection with completion of the Transaction to include three nominees of the Company, and two nominees of KORID.This press release refers to 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.Remarks regarding the Joint Venture by Former Maine Secretary of Energy John Kerry and former New York Governor George Pataki are available at https://youtu.be/KIre7TMNb5k.Factory DesignPreliminary Factory footprint, process flow, equipment and personnel requirements have been completed by KORID for Phase I of a Vanadium Flow Battery Factory with an annual ou...