VRB:CC - VanadiumCorp Announces Reduction of Management Debt.
(TheNewswire)
Vancouver, British Columbia–TheNewswire- Feb. 19, 2025– VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTC: VRBFF)("VanadiumCorp" or the "Company") . announces a significant reduction in carried debt from outstanding management fees. The Company will be issuing shares for this debt under TSX.V Policy4.3.
VanadiumCorp has reached an agreement with eight of ten current andformer management and directors to accept shares in exchange for feesowed to them. The parties to the debt settlement have agreed to reducethe original amount of cash owing $458,606.10 to $91,722.00; areduction of 80%.
An amount of $258,286 remains owing to former consultants and directors.
A total of 733,776 Common Shares will be issued at a price of $0.125,the closing price on February 14, 2025. These Shares will be subjectto a four-month hold period. This transaction is subject to regulatoryapproval.
Kristien Davenport, President of the Company states: “Like manyother companies across all sectors, VanadiumCorp has had a difficultfew years. The current board recognizes the importance of focusing ourbusiness plan on workable, sustainable projects that will enhanceshareholder value. To that end, we have closed our office in Germany,entered into payment arrangements or settlements with our vendors andare focusing our energies and expenditures on our exploration propertyand vanadium electrolyte facility in Quebec. With the guidance ofGilles Dupuis, Gilles Champagne and Andre Gauthier, I am confidentthey will continue to keep the best interests of the Company and itsstakeholders as first position as the main priority and providevaluable, tangible results. I would like to thank all of the membersof the management and board who accepted this offer. You have providedinvestors confidence in your commitment to the success of theCompany.”
ON BEHALF OF THE BOARD
“Kristien Davenport”President and Director
VANADIUMCORP RESOURCES INC.
About VanadiumCorp Resource Inc
VanadiumCorp Resource Inc. produces a high-quality stream of vanadiumelectrolyte catering to the expanding international market forlong-duration Vanadium Redox Flow Batteries (VRFB). The Company'sinitial manufacturing facility is located in Val-des-Sources, Québec.The procurement of stable, long-term access to vanadium feedstock forelectrolyte production is assured, contingent upon the successfuldevelopment of the Company’s wholly-owned vanadium-titanium-ironmineral deposits, particularly the flagship Lac Doré deposit situatednear Chibougamau, Québec. Moreover, the electrolyte plant will servethe dual purpose of evaluating the quality of the outputs from the LacDoré pilot plant as well as facilitating the reprocessing ofelectrolytes.
Company contact information: 3 rue de Boisé,
Marieville, Québec J3M 1S7 Canada
Email: info@vanadiumcorp.com Website: www.vanadiumcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider(as defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This document may contain forward-looking statements (including"forward-looking information" within the meaning ofapplicable Canadian securities laws and "forward-lookingstatements" within the meaning of the US Private SecuritiesLitigation Reform Act of 1995) regarding, among other things,VanadiumCorp's business. and the environment in which it operates. Ingeneral, forward-looking statements can be identified by the use ofwords such as "anticipates", "expects" or"does not expect", "is expected","budget", "forecast", "estimates","forecasts", "intends", "anticipates" or"does not anticipate", or "believes", orvariations of such words and phrases or statements that certainactions, events or results "may", "could","would", "could" or "will be taken","occur" or "will be achieved". VanadiumCorp relieson a number of assumptions and estimates to make these forward-lookingstatements, including, without limitation, the ability to acquire thenecessary permits and authorizations to advance the Lac Doré propertyto the production stage, the ability to add to existing resources atLac Doré through drilling, the costs associated with the developmentand operation of its properties. These assumptions and estimates aremade in light of forecasts and conditions that are considered relevantand reasonable based on available information and currentcircumstances. A number of risk factors may cause actual results,level of activity, performance or results of such exploration and/ormine development to differ materially from those expressed or impliedby such forward-looking statements, including, without limitation,whether such discoveries will result in commercially viable quantitiesof such mineralized materials, the ability to modify projectparameters as plans continue to be refined, the ability to executeplanned future exploration and drilling programs, the need foradditional financing to continue exploration and development efforts,changes in general economic, market and business conditions, and otherrisks outlined in VanadiumCorp's latest Annual Information Form underthe heading "Risk Factors" and in its other publicdocuments. Forward-looking statements are not guarantees of futureperformance and such information is inherently subject to known andunknown risks, uncertainties and other factors that are difficult topredict and that may be beyond VanadiumCorp's control. AlthoughVanadiumCorp has attempted to identify important risks and factorsthat could cause actual actions, events or results to differmaterially from those described in the forward-looking statements,there may be other factors and risks that cause actions, events orresults not to be as anticipated, estimated or intended. Accordingly,undue reliance should not be placed on these forward-lookingstatements. In addition, all forward-looking statements in this pressrelease are made as of the date of this press release. VanadiumCorpdisclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise, except as required by applicablesecurities laws.
The forward-looking statements contained herein are expresslyqualified by this disclaimer.
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