CellCube Appoints Chairman for Spinout Company V23 Resources

CellCube Energy Storage Systems (TSXV:CUBE,OTCQB:CECBF,FWB:01X) has released further details involving the spinout of its 100-percent-owned vanadium project, the Bisoni Mackay and Bisoni-Rio in Nevada, into a newly formed subsidiary, V23 Resource Corp.

CellCube is gearing up to deliver fully vertically integrated energy storage solutions to utilities and independent power producers for both standalone energy storage projects as well as projects where energy storage enhances the value proposition from renewable energy generation.

As quoted from the press release:

Spinout transaction highlights:

• V23 Corp. will be a publicly listed independent vanadium exploration and production company with advanced projects in Nevada.
• Distribution of a share dividend to CellCube shareholders with CellCube retaining a 19.9-percent ownership as well as certain offtake rights and a net smelter royalty.
• The formation of a new pure play vanadium company, V23 Corp, that will fast-track its drilling programs on the vanadium projects to upgrade its indicated and inferred resources. On completion of the planned drilling, a new National Instrument 43-101 technical report will be commissioned to develop a new resource estimate. It is planned to follow this by commissioning a preliminary economic assessment.

CellCube has now completed the incorporation of V23 Resource Corp. and appointed Mike Neylan chairman of the company. Mr. Neylan has over 20 years of extensive financial, legal and international corporate experience. Most recently, he was a portfolio manager in the private equity division of Sprott Inc. (TSX:SII), a leading alternative investment manager with over C$11 billion in assets under management, where he was primarily responsible for establishing Sprott Asia. While at Sprott, he helped raise over C$500 million of institutional investment capital from China and Korea and executed over C$300 million of investments predominantly in the resource and renewable power sectors.

“I am very enthused to be leading the structuring and implementation of V23 Corp. as a standalone vanadium resource company,” Neylan stated. “Over the coming weeks, we will be assembling a highly qualified board of directors and management team as we prepare to finalize the spinout and distribution to CellCube shareholders of V23 Corp. shares beginning in September this year.”

Click here to read the full press release