Cornerstone Metals has announced that it will be changing its name to “First Vanadium Corp.”
Cornerstone Metals Inc. (TSXV:CCC,OTCQX:CCCCF,FWB:1PY) has announced that it will be changing its name to “First Vanadium Corp.” effective September 25, 2018 to emphasize its focus on vanadium and on advancing the Carlin vanadium project.
According to Cornerstone, The Carlin vanadium deposit is considered one of the largest, highest grade primary vanadium deposits in North America.
As quoted from the press release:
The common shares of the company will commence trading under the new name on the TSX Venture Exchange with the new trading symbol “FVAN” at the opening of trading on September 25, 2018.
There is no change in the share capital of the company, and shareholders are not required to exchange their existing share certificates for new certificates. The company’s new CUSIP number is 33745F107 and its new ISIN number is CA33745F1071.
Vanadium’s Growing Importance for Steel Manufacturing and the Energy Sector
Vanadium is growing in importance for key industrial manufacturing sectors, most notably steel and renewable energy. Today, more than 85 percent of the world’s vanadium is used in steel manufacturing applications. Its importance to the energy sector is also growing rapidly with more than 10 percent of vanadium production used in energy storage where its substantial cost and performance benefits make it an alternative choice to lithium ion in several areas.
Vanadium prices for 98 percent flake V2O5 have steadily risen from under US$3.00/lb less than 3 years ago, to its current price of US$19.30/lb.