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Currie Rose Closes Acquisition of Kotai Energy Hydrogen
Project Complements North Queensland Vanadium Project as a Reliable, Clean Energy Supply Toronto...
About this update from Velox Energy Materials Inc
[{"type":"text","content":"Currie Rose Closes Acquisition of Kotai Energy HydrogenProject Complements North Queensland Vanadium Project as a Reliable, Clean Energy SupplyToronto, Ontario--(Newsfile Corp. - June 19, 2023) - Currie Rose Resources Inc. (TSXV: CUI) (\"Currie Rose\" or the \"Company\") is pleased to announce that it has completed the acquisition of WA Hydrogen Pty Ltd. (\"Kotai Energy\" or \"Kotai\") through the acquisition of all of the issued and outstanding shares of Kotai Energy (the \"Kotai Shares\") in consideration for the issuance of 50 million common shares of the Company (the \"Consideration Shares\") at $0.05 per share and a 5% royalty on future production (the \"Transaction\"). The Transaction was previously announced on March 23, 2023 and updated on May 15, 2023.The Consideration Shares will be deposited in escrow and are subject to release in accordance with the Value Escrow regime prescribed by the TSX Venture Exchange (the \"TSXV\") (10% on closing and 15% every 6 months thereafter for 36 months). The Consideration Shares will be subject to a resale restriction of four (4) months and one (1) day from their date of issuance.Kotai Energy, in partnership with Curtin University in Western Australia, is developing solid state bulk exportable hydrogen technologies for deployment away from the production source, with the objective of it being economically and commercially viable (the \"Hydrogen Project\"). Kotai has developed a hydrogen-rich powder, called 'sodium borohydride', that allows for a safe and cost-effective global export of hydrogen, which to date has been a significant issue in the creation of a reliable hydrogen supply chain.Hydrogen is a clean alternative to natural gas (methane) and has been in the news recently, as governments around the world are investing into further research and development of hydrogen projects. Just recently, Japan announced that it would be investing $107 billion in hydrogen supply over the next 15 years to accelerate its shift to a low carbon economy. As per International Energy Agency, hydrogen as a versatile energy carrier 'can help tackle various critical energy challenges'.Kotai's partnership with Curtin University commenced in November 2018 with the intention that Curtin University, with the financial assistance and in-kind support assistance of Kotai Energy, submit an initial application ...