Sparton Provides Further Information on the VRB Energy-Red Sun Transaction
15 Octobre 2024 - 11:30PM
Sparton Resources (TSX-SRI-V), (“the Company”) is
pleased to report that Ivanhoe Electric Inc. announced today that
definitive agreements have been signed between VRB Energy Inc.
(“VRB Energy”), and a subsidiary of privately held Shanxi Red Sun
Co., Ltd. ("Red Sun"), and certain other affiliates, finalizing the
terms of the transaction announced on September 23rd, 2024. (See
Ivanhoe Electric Inc. website - Ivanhoe Electric Inc. | Ivanhoe
Electric’s VRB Energy Subsidiary and Red Sun Sign Definitive
Agreements for Formation of New Grid Scale Battery Joint).
Sparton’s interest in the flow battery industry
is a 9.975% interest in VRB Energy held through Sparton’s 90%
interest in VanSpar Mining Inc. Full information regarding the
history of the Company’s VRB Energy investment is available in its
various news releases and corporate filings available at
www.sedarplus.ca and on the Sparton website at
www.spartonresources.com.
The Chinese joint-venture, which will receive a
US $35 million capital increase from Red Sun, is being formed to
expand manufacturing and sales of vanadium redox flow battery
systems. In addition to the formation of the joint-venture, US $20
million of the transaction proceeds, will establish a separate
United States-based vanadium redox battery business in Arizona,
capable of producing 50 megawatts per year.
Company President A. Lee Barker commented: “VRB
Energy’s all-vanadium liquid flow energy storage products are
gaining recognition as providing an important piece of the
solution. The establishment of the joint-venture and the creation
of a US based operation should greatly enhance product sales and
installations.”
For more information contact:
A. Lee Barker, M.A Sc., P. Eng.President and CEOTel./Fax:
647-344-7734 or Mobile: 416-716-5762Email: info@spartonres.ca
Website:www.spartonres.ca
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
Information set forth in this news release
involves forward-looking statements under applicable securities
laws. The forward-looking statements contained herein include, but
are not limited to, financings and transactions being pursued, and
all such forward-looking statements are expressly qualified in
their entirety by this cautionary statement. The forward-looking
statements included in this news release are made as of the date
hereof and the Company 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
expressly required by applicable securities legislation. Although
the Company believes that the expectations represented in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct and,
accordingly, undue reliance should not be put on such
forward-looking statements. This news release does not constitute
an offer to sell or solicitation of an offer to buy any of the
securities described herein.
We Seek Safe Harbour
Sparton Resources (TSXV:SRI)
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