Date: Nov 29, 2018
Elysee Development Corp. (TSXV: ELC) is pleased to announce that it has incorporated a wholly-owned Delaware subsidiary to hold a 19% equity interest in US Vanadium LLC (“USV”). USV is in the business of acquiring vanadium concentrate worldwide for processing in the U.S. into refined products such as High Purity Vanadium Pentoxide (V2O5), technical grade V2O5 and Vanadium Trioxide (V2O3) and the subsequent sale of these products to international customers.
Elysee is participating in USV alongside six other reputable investors who are all highly experienced in the production, processing, manufacturing and buying and selling of vanadium products. The initial paid-up capital of USV is US$1.5 million but the company expects that this will be increased to at least US $5 million in the near future in order to provide working capital for expansion of the business. All investors will be investing capital pro-rata according to their percentage interest in USV. As such, Elysee’s 19% interest will require an initial contribution of US$950,000, of which US$285,000 has already been contributed to facilitate the startup.
