Stina Resources Ltd. (CSE:SQA) (OTCQB: STNUF) (the “Company”) is pleased to announce that it has entered into an agreement with the Austrian liquidator to the insolvency proceedings over the assets of an Austrian based energy storage company to purchase the assets of the insolvent company on an “as is, where is” basis. Under the terms of … Continued
Stina Resources Ltd. (CSE:SQA) (OTCQB: STNUF) (the “Company”) is pleased to announce that it has entered into an agreement with the Austrian liquidator to the insolvency proceedings over the assets of an Austrian based energy storage company to purchase the assets of the insolvent company on an “as is, where is” basis. Under the terms of the agreement the Company has agreed to purchase the assets for €5,210,000 (CDN$7,788,950) plus applicable value added tax, with an initial down payment of €1,000,000 (CDN$1,495,000) to be made immediately. In addition, the Company is obligated to fund the operations of the insolvent company, estimated to be €300,000 (CDN$448,500) per month, until the proposed closing date of January 30, 2018. The Company intends to fund the acquisition through private placements or entering into joint ventures.
The agreement is subject to a number of conditions, including the approval of the creditors’ committee; legally binding approval of the insolvency court under Austrian insolvency law, which is scheduled for November 14, 2017; and all necessary corporate and regulatory approval, including approval of the Canadian Securities Exchange.
The Company’s management and geology team are currently evaluating exploration and development plans on the Bisoni Mckay and Bisoni Rio pure-play vanadium deposits in Nevada and is pursuing vanadium electrolyte technology using vanadium from those deposits.
For further information, please contact:
Brian Stecyk, Director, COO
This news release contains certain “forward-looking statements” within the meaning of Canadian securities legislation. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims”, “potential”, “goal”, “objective”, “prospective”, and similar expressions, or that events or conditions “will”, “would”, “may”, “can”, “could” or “should” occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements are discussed in this news release and the Company’s annual and quarterly management’s discussion and analysis filed at www.sedar.com. Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change.