Vancouver, British Columbia – TheNewswire – September 29, 2023 – VanadiumCorp Resource Inc. (TSXV:VRB) (FSE:NWNA) (OTC:VRBFF) (“VanadiumCorp” or the “Company”) is pleased to announce that it has obtained a machinery and equipment financing for its manufacturing operations for $775,000 (the “Financing”).
The lender is Key West Ford Financing of New Westminster, British Columbia. The term of the Financing is 55 months, at an interest rate of 9.9% per annum. There is also a commitment fee of $25,000 payable to the lender. The Financing is secured by the machinery and equipment of the Company located at the Company’s manufacturing facility for vanadium electrolyte that is currently under construction in Val-des-Sources, Québec, as well as certain analytical equipment located at the Company’s operations site at Lac Doré property, Chibougamau, Québec. The Financing was disbursed on September 25, 2023.
VanadiumCorp’s CEO, Paul McGuigan, P. Geo. stated, “The new equipment financing will strengthen the ability of VanadiumCorp to attain our near-term goals of completing our first plant and commencing commercial production of vanadium electrolyte in Q1 of 2024.”
About VanadiumCorp Resource Inc.
VanadiumCorp Resource Inc. seeks to produce a reliable stream of high-quality vanadium electrolytes for the expanding international market for long-duration Vanadium Redox Flow Batteries (VRFB). The Company’s initial manufacturing facility is based in Val-des-Sources, Québec. Stable, long-term access to vanadium feedstock for the electrolytes is assured, success-contingent on developing our wholly-owned vanadium-titanium-iron mineral deposits, including our flagship Lac Doré deposit near Chibougamau, Québec. The Company’s electrolyte plant will also be used to test the quality of Lac Doré pilot plant outputs and to reprocess electrolytes.
On behalf of the Board of VanadiumCorp Resource Inc.
Paul McGuigan, P. Geo.
Director, Chief Executive Officer
Company contact information:
Suite 303 – 5455 West Boulevard
3 rue de Boisé,
Email: [email protected]
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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.
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