The Conversation (0)
(TheNewswire)
 | |||||||||
 |  |  |  |  | |||||
Vancouver, British Columbia –TheNewswire- Feb. 19, 2025VanadiumCorp Resource Inc. (TSX-V: VRB) (FSE: NWNA) (OTC: VRBFF) ("VanadiumCorp" or the "Company") . announces a significant reduction in carried debt from outstanding management fees. The Company will be issuing shares for this debt under TSX.V Policy 4.3.
VanadiumCorp has reached an agreement with eight of ten current and former management and directors to accept shares in exchange for fees owed to them. The parties to the debt settlement have agreed to reduce the original amount of cash owing $458,606.10 to $91,722.00; a reduction of 80%.
An amount of $258,286 remains owing to former consultants and directors.
A total of 733,776 Common Shares will be issued at a price of $0.125, the closing price on February 14, 2025. These Shares will be subject to a four-month hold period. This transaction is subject to regulatory approval.
Kristien Davenport, President of the Company states: "Like many other companies across all sectors, VanadiumCorp has had a difficult few years. The current board recognizes the importance of focusing our business plan on workable, sustainable projects that will enhance shareholder value. To that end, we have closed our office in Germany, entered into payment arrangements or settlements with our vendors and are focusing our energies and expenditures on our exploration property and vanadium electrolyte facility in Quebec. With the guidance of Gilles Dupuis, Gilles Champagne and Andre Gauthier, I am confident they will continue to keep the best interests of the Company and its stakeholders as first position as the main priority and provide valuable, tangible results. I would like to thank all of the members of the management and board who accepted this offer. You have provided investors confidence in your commitment to the success of the Company."
ON BEHALF OF THE BOARD
"Kristien Davenport" President and Director
VANADIUMCORP RESOURCES INC.
About VanadiumCorp Resource Inc
VanadiumCorp Resource Inc. produces a high-quality stream of vanadium electrolyte catering to the expanding international market for long-duration Vanadium Redox Flow Batteries (VRFB). The Company's initial manufacturing facility is located in Val-des-Sources, Québec. The procurement of stable, long-term access to vanadium feedstock for electrolyte production is assured, contingent upon the successful development of the Company's wholly-owned vanadium-titanium-iron mineral deposits, particularly the flagship Lac Doré deposit situated near Chibougamau, Québec. Moreover, the electrolyte plant will serve the dual purpose of evaluating the quality of the outputs from the Lac Doré pilot plant as well as facilitating the reprocessing of electrolytes.
Company contact information: 3 rue de Boisé,
Marieville, Québec J3M 1S7 Canada
Email: info@vanadiumcorp.com Website: www.vanadiumcorp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This document may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) regarding, among other things, VanadiumCorp's business. and the environment in which it operates. In general, forward-looking statements can be identified by the use of words such as "anticipates", "expects" or "does not expect", "is expected", "budget", "forecast", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "could" or "will be taken", "occur" or "will be achieved". VanadiumCorp relies on a number of assumptions and estimates to make these forward-looking statements, including, without limitation, the ability to acquire the necessary permits and authorizations to advance the Lac Doré property to the production stage, the ability to add to existing resources at Lac Doré through drilling, the costs associated with the development and operation of its properties. These assumptions and estimates are made in light of forecasts and conditions that are considered relevant and reasonable based on available information and current circumstances. A number of risk factors may cause actual results, level of activity, performance or results of such exploration and/or mine development to differ materially from those expressed or implied by such forward-looking statements, including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the ability to modify project parameters as plans continue to be refined, the ability to execute planned future exploration and drilling programs, the need for additional financing to continue exploration and development efforts, changes in general economic, market and business conditions, and other risks outlined in VanadiumCorp's latest Annual Information Form under the heading "Risk Factors" and in its other public documents. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and that may be beyond VanadiumCorp's control. Although VanadiumCorp has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, undue reliance should not be placed on these forward-looking statements. In addition, all forward-looking statements in this press release are made as of the date of this press release. VanadiumCorp disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
The forward-looking statements contained herein are expressly qualified by this disclaimer.
Copyright (c) 2025 TheNewswire - All rights reserved.
