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VanadiumCorp closes downtown office, cuts opex

 20160623 C2588 PHOTO EN 721302

Vanadiumcorp closes downtown office, cuts opex

2013-12-05 14:00 ET – News Release

Mr. Adriaan Bakker reports

CORPORATE UPDATE

Vanadiumcorp Resource Inc. has provided this update to its shareholders. It has been three months since a new board of directors has been installed and new management named. The new team’s first priority was to hold a meeting of shareholders to give them a voice in the company’s future, and give the new team legitimacy and a mandate to move the company forward. The annual general meeting of shareholders was held on Oct. 11, 2013, with a record number of shareholder votes cast. Shareholders gave the new team an overwhelming vote of confidence to move the company forward.

In addition to giving shareholders their right to vote, during the past three months, the company has:

  • Completed an $800,000 financing. The financing was further support for the new management team with almost all the financing coming from existing shareholders with no commissions paid;
  • Closed its downtown office and cut operating expenses significantly;
  • Legal, banking, accounting firms have all been replaced or are now managed internally;
  • Significantly reduced the number of incentive stock options the company can issue;
  • Implemented an efficient claim management process and renewed over 150 claims;
  • Renamed and rebranded the company to better align the name with the company’s corporate strategy of targeting production of high-purity vanadium products. The objective is to coincide with the existing demand increases in the steel and alloy markets, and the global commercialization of large-scale pure vanadium batteries;
  • Initiated a long awaited National Instrument 43-101 technical report on the company’s flagship Lac Dore project, which will include an update of the resource estimate as well as recommendation in order to reactivate the former feasibility study conducted on the project by SNC-Lavalin in 2002;
  • Composition of the advisory board has been enhanced;
  • Exploring opportunities with strategic groups on various projects.

Adriaan Bakker, chief executive officer of the company, states: “I believe we have begun a transformational change of our company to build real value for our shareholders, and I want to thank shareholders for their continued support and vote of confidence. We will continue to advance the initiatives of the past three months and provide regular updates to shareholders as we move forward.”

More information on company activities and vanadium redox batteries, including global installations, can be found on the company’s website at www.vanadiumcorp.com

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VanadiumCorp, Suite 400, 1505 West 2nd, Vancouver, BC, Canada, Vancouver, BC V6H 3W4 Canada
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