VanadiumCorp Announces Reduction of Management Debt.
VanadiumCorp Announces Reduction of Management Debt.
Vancouver,
British
Columbia
–TheNewswire-
Feb.
19,
2025–
VanadiumCorp
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: [email protected]
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.
2