Elcora Advanced Materials Closes Acquisition of Moroccan Vanadium Exploration Company
December 20 2021 - 4:32PM
ELCORA ADVANCED MATERIALS CORP. (TSX.V:ERA | Frankfurt:ELM
| OTCQB – ECORF), (the “Company” or “Elcora”), is pleased
to announce that it has closed the previously announced acquisition
of STE ERMAZONE.A.R.L (“ERMAZONE”), which includes ten (10)
Vanadium licenses/concessions sites in Morocco.
This strategic acquisition supports Elcora’s
plan to enhance both its mining and energy storage solutions by
adding additional markets related to battery technologies.
Terms of Acquisition
In consideration for the purchase of 100% of the
outstanding securities of ERMAZONE, the Company has paid
consideration as follows: (i) USD$500,000 cash; (ii) 4,500,000
common shares (the “Shares”) of the company; and
(iii) $10,000 to be paid in remuneration at the end of each month,
for a period of three years, or until the end of the employment
period.
All Shares issued pursuant to the acquisition
are issued at a deemed price of $0.11 per share and will be vest at
a rate of one thirty-sixth at the end of each month, over a period
of three years. The Shares will be subject to a minimum hold period
of four months and one day from the date of issuance.
Please refer to the Company’s news release dated
November 24, 2021 for further information.
About Elcora Advanced Materials Corp.
Elcora was founded in 2011 and has been
structured to become a vertically integrated battery material
company. Elcora can process, refine, and produce battery related
minerals and metals. As part of the vertical integration strategy
Elcora has developed a cost-effective process to purify
high-quality battery metals and minerals that are commercially
scalable. This combination means that Elcora has the tools and
resources for vertical integration of the battery minerals and
metals industry.
For further information please visit the
company’s website at:
http://www.elcoracorp.com
For further information please contact: Troy
Grant, Director, President & CEO, Elcora Advanced Materials
Corp., T: +1 902 802-8847
CAUTIONARY STATEMENT:
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. No stock Exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein. This News Release includes certain
“forward-looking statements”. All statements other than statements
of historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and
reserves, exploration results, and future plans and objectives of
Elcora, are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Elcora’s expectations are exploration risks
detailed herein and from time to time in the filings made by Elcora
with securities regulators.
Investors are cautioned that, except as
disclosed in the filing statement prepared in connection with the
transaction, any information released or received with respect to
the transaction may not be accurate or complete and should not be
relied upon.
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