Canada-based graphite and graphene provider Elcora announced it acquired STE Ermazone A.R.L, a company owning ten vanadium licenses/concessions sites at unspecified locations in Morocco.
“In consideration for the purchase of 100% of the outstanding securities of Ermazone, the company has agreed to pay consideration as follows: (i) USD$500,000 cash; (ii) 4,500,000 common 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,” Elcora said in a statement. “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 name of the seller was not revealed.
Elcora stated that the mining activities at the sites will be mainly aimed at supplying vanadium to the redox flow battery industry.
“Elcora is devoted to unlocking the full potential of solar and wind through large-scale energy storage capacity,” said the company’s CEO, Troy Grant. “Like other minerals and metals needed for li-ion batteries, the thriving renewable industry will accelerate demand for high quality vanadium. Elcora will commence trial production to obtain sufficient material for a production process test run.”