Margaret Lake Diamonds Announces Resumption of Trade
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Margaret Lake Diamonds Announces Resumption of Trade
VANCOUVER, BRITISH COLUMBIA / February 10, 20 20 / Margaret Lake Diamonds Inc.
(“Margaret Lake” or the “Company”) (TSX.V: DIA / FKT: M85) is pleased to announce, further to
its news release of January 27, 2020 announcing its proposed vanadium redox flow battery and
energy storage system joint venture (the “Transaction”) with KORID Energy Company Ltd.
(“KORID”), that effective at the open on Tuesday , February 1 1, 2020, trading in t he Company’s
shares will resume. Completion of the Transaction is subject to a number of conditions,
including but not limited to, TSX Venture Exchange acceptance.
For more information in respect of the Transaction, please refer to the Company’s news release
dated January 2 7, 2020 (the “Prior Release”) . As set out in the Prior Release, the Company
proposes to issue 20,000,000 post -consolidation common shares as initial Transaction
consideration (the “Consideration Shares”). Further to the Prior Release, the Company wishes to
clarify that the proposed recipients of the Consideration Shares will be: KORID, as to 7,500,000
Consideration Shares; DST Co., Ltd. (“DST”) (KOSDAQ: 033430), as to 7,500,000 Consideration
Shares; and LKAT Co., Ltd. (LKAT”) as to 5,000,000 Consideration Shares. Each of DST and LKAT
are shareholders of KORID . In connection with the Transaction, the Company proposes to
incorporate a United States subsidiary to principally operate the proposed joint venture obligations
of the Company (“DIA US”). The board of directors of DIA US will be comprised of two nominees
of the Company and two nominees of KORID . The Company also proposes to reconstitute its
board of directors in connection with completion of the Transaction to include three nominees of
the Company, and two nominees of KORID.
This press release refers to a joint venture to construct a factory (the “Factory”) in the United
States for the purpose of producing Vanadium Redox Flow Batteries and energy storage systems.
Remarks regarding the Joint Venture by Former Maine Secretary of Energy John Kerry and
former New York Governor George Pataki are available at https://youtu.be/KIre7TMNb5k .
Factory Design
Preliminary Factory footprint, process flow, equipment and personnel requirements have been
completed by KORID for Phase I of a Vanadium Flow Battery Factory with an annual output
capacity of 50MW and 200MWh of storage.
Battery Design
KORID’s proprietary Vanadium Flow Battery has been developed and tested over the past 10
years and is patent protected. The flow battery design allows for limitation of storage only
based on the capacity of the electrolyte tanks versus the fixed capacity of lithium-ion. The
battery is non-flammable and non-explosive. There is no degradation as a result of cycling,
partial charging, or time with a 100% depth of discharge and projected lifetime of 20 years.
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Battery efficiency is currently rated at up to 80%. The battery is scalable into the MW-range
through simple parallel connection of multiple units. The systems are shipped in self-
contained weatherproof and securely protected housing. The systems can be managed and
maintained by remote or online maintenance through intelligent battery management.
Temperature management and climate controlled containers eliminate weather impact on
energy efficiency.
The battery is composed of four primary components: electrolyte tanks, cell stacks, power
conversion system (including control system, communications, inverter, electrical wiring, etc.),
and pumps / balance of plant equipment (Figure 1). The systems are designed for
containerized deployment in twenty or forty foot containers. The forty foot design has a
capacity of 100kW output, 400kWh capacity.
Figure 1
Cell Stack
KORID has manufactured four cell stacks to date including 2.5kW, 5kW, 10kW, and 25kW
(Figure 2). KORID has developed and is currently testing a 50kW cell stack for high usage
industrial and grid scale utility and renewables applications.
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Figure 2
Grid Scale Mass Storage
Designs have been completed for a 3.6MW output system (Figure 3) to meet the demand for
grid scale applications. There are a variety of applications to support both renewables and
existing infrastructure as well as energy security. Placing batteries at substations or near high
demand areas reduces need for new infrastructure such as transmission lines, substation
capacity, and traditional power plants or hydro dams. The power is often wasted in the night
only for a lack of battery capacity. Grid scale energy storage systems allow for charging at
night during very low demand times (off peak) and release that energy during the day during
peak demand reducing the need for new transmission lines or power plants. This both
increases overall efficiency and provides backup/standby power for energy security and a
robust and efficient energy infrastructure.
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Figure 3
About KORID Energy and DST Co., Ltd.
KORID is a partially owned subsidiary of DST, a publicly traded company listed on the KOSDAQ
Exchange in South Korea. It operates the following businesses: Automation Machinery, Mining
and Metals Development and Processing, along with other diversified businesses. Its products
and services include energy storage technologies, equipment for the automobile components
industry, food processing equipment, mineral development and processing, rental services,
and others. The company was founded on May 11, 1995 and is headquartered in Changwon-si,
South Korea. For more information visit www.ds-t.co.kr.
About Margaret Lake Diamonds
Margaret Lake Diamonds Inc. (TSX.V: DIA) is a Canadian technology and strategic metals
exploration company focused on construction of Vanadium Redox Flow Battery Factory and
Vanadium Exploration in the United States. The Company continues to maintain an interest in
the Diagras Diamond property.
Contact Information
Jared Lazerson
President and CEO
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Web: www.margaretlakediamonds.com
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this
release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements
(collectively "forward-looking information") within the meaning of applicable securities laws.
Forward-looking information is typically identified by words such as: "believe", "expect",
"anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by
their nature, refer to future events. The Company cautions investors that any forward-looking
information provided by the Company is not a guarantee of future results or performance, and
that actual results may differ materially from those in forward-looking information as a result
of various factors. The reader is referred to the Company's public filings for a more complete
discussion of such risk factors and their potential effects which may be accessed through the
Company's profile on SEDAR at www.sedar.com.