Date: Dec 19, 2018
Elysee Development Corp. (ELC) is pleased to announce that, further to its news release of Nov 28, 2018, it has increased its investment in US Vanadium LLC (“USV”) to approximately $1,250,000 (US$950,000), maintaining its 19% interest.
USV has now completed its first shipment of V205 to customers from a refiner in the United States where vanadium concentrate, supplied by USV, is being processed into V2O5 under a tolling agreement.
USV is in the business of acquiring vanadium concentrate worldwide for processing 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’s investment in USV was partially funded through the sale of a significant portion of its holdings of Largo Resources Ltd., a primary vanadium miner in Brazil. In the fourth quarter of 2018, Elysee exercised 200,000 warrants of Largo at $1.15 and sold over 310,000 shares.
