The newly formed company will be called V23 Resource Corp.
CellCube (CSE:CUBE,OTCQB:CECBF,FWB:01X) has announced that November 30, 2018 will be the spin out date for its 100 percent owned Bisoni Mackay and Bisoni Rio vanadium assets in Nevada. The newly formed company will be called V23 Resource Corp.
As quoted from the press release:
CellCube shareholders of record owning common shares of the Company on November 30, 2018 will be eligible to receive the distribution of one (1) common share of V23 for every two common shares of CellCube upon completion of the spin out arrangement. CellCube intends to retain a 19.9% interest in V23, in addition to certain off-take rights and a net smelter royalty.
“Vanadium has become the new battery metal story and is highly valued for energy storage, “says Mike Neylan, CEO of CellCube. “The price of vanadium has increased by 500% since 2016, outperforming any other battery metal.It is the intention of V23 to seek a public listing in the immediate future”
The vanadium belt of central Nevada is host to a significant concentration of single-product vanadium deposits in North America such as the Bisoni McKay and Bisoni Rio properties, and Prophecy’s Gibellini property. CellCube’s Bisoni McKay property is a high-grade, pure play vanadium project. Previous drilling has revealed the occurrence of high-grade V2O5 (vanadium pentoxide) in the primary (carbonaceous shale) mineralized material which contains the largest vanadium resource on the property. Several drill holes completed in primary mineralization suggest the deposit is open at depth in some areas. A supergene enrichment zone of up to 35 feet in width has been identified immediately below the redox zone.