Date: Mar 6, 2019
TORONTO, March 5, 2019 /PRNewswire/ — CELLCUBE ENERGY STORAGE SYSTEMS INC. (“CellCube” or the “Company”) (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X) (WKN: A2JMGP) would like to report an update on the business combination with the 100% wholly owned subsidiary V23 Resources Corp. and Regency Gold Corp. (“Regency”) (RAUH TSX V).
CellCube and Regency have entered into a letter of intent (“LOI”) to spin out V23 Resource Corp.(“V23”) and the Bisoni McKay and Bisoni-Rio vanadium projects to Regency. The spin-out agreement is progressing well and incoming management recently announced Regency is in the process of reviewing V23 and moving forward with a Definitive Agreement which is expected to include a 19.99% retained ownership and off-take agreement and first right of purchase on commercial terms. This will include the terms granted to CellCube eligible shareholders and the spin out dividend shares. (news releases dated January 24, 2019 and December 12, 2018)
Michael Konnert, incoming CEO and director of Regency stated: “With robust and increasing demand for vanadium world-wide, we aim to create a leading North American vanadium development company. The Bisoni McKay and Bisoni-Rio Projects consist of a serious untapped growth opportunity, arelocated in a world-renowned jurisdiction, and compliment our Valley of Vanadium property perfectly. Once the transaction is complete, our new company will control two very exciting vanadium development projects and we’re looking forward to advancing both quickly.”
