Stina Announces First Step in Due Diligence in Evaluation of Acquisition of Pure Vanadium
July 18, 2017
VANCOUVER, BC — Stina Resources Ltd. (CSE: SQA) (OTCMKTS: STNUF) (the “Company” or “Stina”) is pleased to announce the due diligence and evaluation of the acquisition of Pure Vanadium Corp. (“Pure”) is underway.
Following yesterday’s announcement (July 17, 2017) of the signing of a Letter of Intent (“LOI”) regarding the potential acquisition of Pure Vanadium Corp., a key technology company involved in the development of vanadium-based electrolytes for grid-scale batteries, Stina Directors will meet with Pure’s President and CEO Dusty McKinnon and his research experts to discuss the possible synergies with the two companies.
The meeting will occur in Calgary, Alberta on Friday July 21 at Pure Vanadium Corp.’s laboratory facilities. Discussions will involve the status of current research and the time-frame of commercialization of research activities.
“We welcome this opportunity to meet with the owners of Pure Vanadium Corp. to learn how their research capabilities and activities can benefit Stina especially as they will relate to the development of our Bisoni McKay and Bisoni Rio Prospect vanadium deposits in Nevada.” says Stina President and CEO Brian Stecyk.
“As was said in the previous news release, we are pursuing this acquisition because grid—scale vanadium redox flow battery installations are increasing globally, and access to high quality vanadium for vanadium electrolyte is a key driver of this technology.”
The key factors leading to the decision of consider acquisition of Pure are:
- Pure Vanadium Corp. holds a portfolio of licenses for the production and sales of vanadium electrolytes. Pure’s licenses were granted by the Battelle Memorial Institute (“Battelle”), operator of Pacific Northwest National Laboratory (“PNNL”), a US Department of Energy National Laboratory.
- The acquisition of Pure supports the long-term objective of the Company to become the first North American vertically integrated producer of vanadium electrolytes for the energy storage industry.
- Bisoni McKay is a single—product vanadium deposit (refer to Bisoni McKay (2016 NI 43-101 page 5).
- Pure’s research and development activities involve the production of vanadium electrolyte (VE) formulations for the rapidly expanding vanadium redox flow battery (VRB) technologies that are employed in grid—scale electrical storage.
On Behalf of the Board of Directors,
President, CEO, Director
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