Sino Vanadium Successfully Extends Its Registered Capital Requirement

Sino Vanadium Inc. (TSXV:SVX), a late-stage vanadium pentoxide (V205) play, announced that it has been successful in obtaining an extension from the applicable Chinese governmental authority for meeting the registered capital requirement of its wholly owned subsidiary, Shaanxi Wellkan Resources Limited.

The press release is quoted as saying:

Under the extension granted, Shaanxi Wellkan does not need to meet its registered capital requirement until October 21, 2011. The People’s Republic of China (PRC) Ministry of Commerce requires certain registered capital requirements to be met by certain deadlines. These requirements are company specific, but are commonly applied in China to ensure companies operating there are properly capitalized. Currently, Shaanxi Wellkan has fully paid up registered capital requirements totaling RMB 27,356,700. Shaanxi Wellkan was required to have fully paid up registered capital of RMB 120,000,000 (approximately $21.5 million) by October 21, 2010; this deadline has now been extended to October 21, 2011.

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