A few weeks ago, Regency Gold Corp. took a step for acquiring V23 Resources Corp. which is currently under CellCube Energy Storage Systems Inc. As no more information was released about the matter, just lately CellCube released a report, updating everyone with the progress in the deal.
The company CellCube has agreed to take matters towards a letter of intent. The main target of the letter was to hand over V23 and the Bisoni Mckay and Bisoni-Rio Vanadium projects to Regency through a spin-out. The terms and agreements are yet to be released, however talks show that Regency are on the verge of agreeing and taking a move towards the acquisition.
A few of the leaked terms included a 19.99% retained ownership with first right purchase and off-take, including CellCube shares. Everything in the agreement looks fine, however for completion to take place, receipt containing regulatory, third party consents and TSXV approval are needed. Without the approvals, the deal can’t take place and acquisition won’t be completed.
Director of Regency, Michael Konnert stated the need of vanadium projects worldwide and their importance. He announced Regency’s vision to expand the vanadium business in North America and being a leading development company. The projects held by V23 is a great start for them to grow and prove their selves. “Once the transaction is complete, our new company will control two very exciting vanadium development projects and we’re looking forward to advancing both quickly,” said Michael.
“The vanadium electrolyte solution is critical for the world wide deployment of CellCube energy storage system. We are very excited to maintain part ownership and retain control of what we anticipate to be be very high purity of vanadium electrolyte,” said the president of CellCube, Stefan Schauss.