Stina Resources Ltd. (OTCQB: STNUF) (CSE: SQA) (“Stina” or the “Company”) is pleased to announce the definitive agreement for the acquisition of Pure Vanadium Corp. (“Pure”). This acquisition supports Stina’s long-term objective of becoming North America’s first vertically integrated producer of vanadium electrolyte for the energy storage industry.
In July 2017, Stina announced a Letter of Intent with Pure Vanadium Corp., and following a thorough review of the company’s technology and other relevant matters a definitive agreement has now been finalized.
“The development of battery technology is progressing rapidly throughout the world with vanadium redox flow batteries being one of the main new technologies for grid-scale energy storage. The combination of our vanadium resources in Nevada and new applications for vanadium in battery technology will progress Stina towards its goal of being a leading vertically integrated producer of vanadium electrolyte,” said Brian Stecyk, President & CEO, Stina Resources Ltd.
Pure is a technology company involved in development of vanadium electrolyte for vanadium redox flow batteries used in grid-scale energy storage. Pure 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,” located in the State of Washington, says Dusty McKinnon of Pure Vanadium.
The finalization of the definitive agreement and its execution will result in Pure becoming a wholly-owned subsidiary of Stina Resources Ltd., and the Company will assume all the assets and obligations owing in connection with Pure’s research & development (R&D) and business operations.
The terms of the agreement as outlined in the July 2017 News Release are that Stina will acquire all of the outstanding share capital of Pure in consideration for the issuance of 17,000,000 common shares of Stina to the existing shareholders of Pure. Stina will allocate $250,000, for research and development (“R&D”) funding for the continued development and testing of Pure’s technology.
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