(TheNewswire)
Vancouver, B.C. - TheNewswire – January 22, 2021 - CrestResources Inc. (“Crest” or the “Company”) (CSE:CRES) (CNSX:CRES.CN) (OTC: CRSTF ) announces that it has entered into a Share Purchase and Sale Agreement(the “Agreement”) to acquire all of the issued and outstandingshares of EResource Technologies I, LLC (“EResource”), a SiliconValley based company in consideration for 4,000,000 common shares ofthe Company at a deemed price of $0.09 per share (the “PaymentShares”). EResource is a newly formed private company wholly-ownedby Jonas Norr, a Director of the Company (“Norr”), that intends toseek out and acquire technologies of use in the resources industry.The Payment Shares will be held in escrow by the Company to bereleased to Norr as to 1,000,000 Payment Shares upon execution of theAgreement and an additional 750,000 Payment Shares every six monthsthereafter over a period of 24 months.
EResources will target core technologies that deliver social impactwhile addressing the most pressing efficiency concerns for coreindustries including but not limited to: Natural Resources, Energy,and associated material science technology, by utilizing groundbreaking solutions offered by artificial intelligence, robotics,chemistry, and the biosciences. With the close of this transaction,work will begin immediately with an initial cohort of solutions to beidentified and alpha-tested by late Q1 of 2021. The purchase seeks tooffer an innovative alternative to venture capital for coretechnologies with robust industry applications outside of the mostactive global innovation hubs.
Crest President and CEO Michael Collins comments, “2020 has seen arenewed focus in Silicon Valley on ESG and resource access issues.Elon Musk’s assurances of lithium supply is indicative of Tesla’sconcern over their lithium supply. The stock market is driven byrumours of new battery composition. With this acquisition, Crest isenabling itself to move in ways that harness core innovationsdeveloped by leading authorities that can deliver impact on materialscience, related technologies, and ESG. We at Crest feel stronglythat is a clear differentiated value proposition where we can lead andcapture value for our shareholders.”
Jonas Norr observes, “The resource industry and the energies thatdrive it are core to modern life as we know it, yet the pace at whichinnovation and sustainability have been adopted and integrated acrossthe value and production chains that they depend on rarely exceeds acrawl. The market and planetary need clearly remains. Traditionalventure capital has proven largely inconducive to deliveringinnovation to the more real asset/project oriented elements of theseindustries. However, the solutions are out there. The move to acquirego-to-market technologies poised for industrial scale implementationis the point from which EResource with Crest can change the game.
Populational need has driven technology to rarely-imagined heights inthe realms of compute, energy, automation, materials, mobility, andspace. Where others have seen impossibility in meeting sustainabilitygoals in concert with their bottom-line requirements, we see near-termopportunity emerging from these areas that can deliver tremendousvalue.”
Larry Fink, CEO of Blackrock Inc., said in his 2020 letter to CEOsthat sustainability is the ‘top issue’ for investors. Crest feelsthis focus is real, justified and represents a long term trend thatwill provided a platform for Crest to grow.
The continued release of the Payment Shares is subject to Norrsatisfying the following conditions:
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(a) Norr shall continue as a director, officer,consultant or advisor of Crest failing which, unless Crest otherwiseagrees it may, on 30 days notice, cancel any Payment Shares remainingin escrow; and
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(b) Norr will continue to provide services toEResource under a technology acquisition agreement with EResource (the“Technology Agreement”) for a term of 24 months. The TechnologyAgreement contemplates that Norr will present to EResourcetechnologies of use in the exploration, development or mining ofnatural resources. If Norr does not provide opportunities for a periodof six months Crest may, on 30 days notice, cancel any Payment Sharesremaining in escrow.
About Crest Resources Inc.
Crest Resources Inc. is a British Columbia companylisted on the Canadian Securities Exchange under the symbol CRES. TheCompany’s principal business activity is the acquisition,exploration and evaluation of mineral property assets in Canada,Australia and Peru and the investment in mineral exploration companiesand related mining technologies of merit. The Company’s Canadianmineral property assets include various land and corporate ownershippositions within the Exploits Subzone, the newest emergingdistrict-scale gold exploration and mining district in the province ofNewfoundland and Labrador.
FOR FURTHER INFORMATIONCONTACT:
Michael Collins
President and CEO
Crest Resources Inc.
Telephone: 604-681-3170
Neither the Canadian SecuritiesExchange nor its Regulation Service Provider (as the term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy of accuracy of this newsrelease.
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