VanadiumCorp Resources Inc announced that its plan to consolidate its common shares on a 1:10 share basis has been accepted by the TSX Venture Exchange.
Prior to implementing the consolidation, the Vancouver-based mineral exploration company had 3.19 million shares issued and outstanding. The firm said that immediately after implementing the consolidation, the company will have 3.2 million shares issued and outstanding. No fractional shares will be issued because of the consolidation. Each fractional share following the consolidation that is less than one-half of a share will be cancelled and each fractional share that is at least one-half of a share will be rounded up to the nearest whole share, said the company.
At the start of trading on April 18, 2022, the pre-consolidation shares in the name of VanadiumCorp Resource Inc (TSX-V:VRB). will be delisted and the post-consolidation shares will start trading under the same name VanadiumCorp Resource Inc (TSX-V:VRB) and the “VRB” trading symbol, said the company.
After the consolidation, the company said it will renew its focus on mineral exploration and metallurgical process improvements for this year and 2023. The firm pointed out that the US and South Africa granted the company patents for its 100% owned hydrometallurgical process, VEPT (Vanadiumcorp-Electrochem-Process-Technology).
Applications are expedited in other jurisdictions, but the patent granted by the USA is very favourable, noted the company. The company also pointed out that vanadium and titanium have gained recognition as critical metals in all Western economies. Significantly, an IMF working paper concludes the clean energy transition is needed to avoid the “worst effects of climate change” and could unleash “unprecedented metals demand in coming decades.” Vanadium, graphite and cobalt are forecasted to be the most under-supplied in relation to demand over the next 30 years, in a Net Zero Emissions economy, said the company.
VanadiumCorp said the key to the adequate supply of both vanadium and titanium critical metals will be the move to alternate extractive technologies such as the company’s VEPT hydrometallurgical process. To that end, the company plans to finance and execute a multifaceted bulk sampling, mineralogy, and hydrometallurgical testing program on its Lac Dore and Iron T deposits.
The aim of the program is to improve the yields and quality of the outputs from its VEPT process and to investigate cost-saving measures, such as the recycling process acids, said the company.
VanadiumCorp owns the Lac Dore vanadium, iron and titanium project, located 27 km east-southeast from the city of Chibougamau in Quebec, as well as the Iron T, VTM deposit in Matagami.
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