VanadiumCorp Closes First Tranche of $1 Million Private Placement
VANCOUVER, BRITISH COLUMBIA – December 8th, 2016 – VanadiumCorp Resource Inc. (TSX “VRB”) (the “Company”) is pleased to announce the completion of an agreement with Enscitech Ltd. (“Enscitech”) for first right of refusal “FROR” for patented “WAVE” technology and additional FROR for exclusive supply of vanadium bearing flyash from the Alberta oil sands.
Enscitech is located in Calgary Alberta, Canada and is working on clean initiatives within the oil sands industry to convert waste from the oil sands into low cost vanadium electrolyte “VE” for vanadium redox flow batteries “VRFB”.
The “WAVE” (Waste Ash to Vanadium Electrolyte) process recovers high purity vanadium from oil sands to help Canada meet energy storage and renewable energy mandate. First phase testing has now commenced and is funded in part by the Canadian government. Enscitech is has also initiated development of their vanadium electrolyte pilot plant, which would facilitate Alberta’s climate change commitment by reducing wastes from the oil sands industry and transforming them into 100% reusable VE battery material. Enscitech has acquired initial supply for testing purposes grading up to 7% V2O5. VanadiumCorp’s FROR ensures this supply and future supply acquisition is
secured for testing and eventual sale.
Adriaan Bakker, CEO of Vanadiumcorp states, “Low cost VRFB energy storage is an obvious solution for 292 remote, off grid communities in Canada burning an average of 10,000 tonnes of carbon from diesel fuel every year. Already competitive with lithium on a levelized cost basis, VRFBs could see further cost reduction with stable low cost VE production possible in Canada.”
On behalf of the board of VanadiumCorp:
Adriaan Bakker, President and Chief Executive Officer
For more information, contact VanadiumCorp:
John Hewlett, Director, Business Development
By phone: 604-560-8251
By email: email@example.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.