CellCube Energy Storage Systems Inc. (the "Company") (CSE CUBE) (OTCQB CECBF) (Frankfurt 01X, WKN A2JMGP) is pleased to provide an update regarding the V23 Resource Corp. ("V23 Resource") spin out of its vanadium asset and the dividend distribution to its shareholders.
The new record date for the spin-out of its 100-per-cent-owned Bisoni Mackay and Bisoni-Rio vanadium assets into the newly formed V23 Resource (see news releases dated June 28, 2018, October 11, 2018 and November 29, 2018) is February 5th, 2019.
CellCube shareholders of record owning common shares of the Company on February 5, 2019, will be eligible to receive the distribution of one common share of V23 Resource for every two common shares of CellCube upon completion of the spinout arrangement. CellCube intends to retain a 19.9-per-cent interest in V23 Resource, in addition to certain off-take rights.
CellCube has signed a non-binding letter of intent ("LOI") with Regency Gold Corp., a TSX Venture Exchange company (TSXV RAU.H.X) (see news release December 13, 2018), for the purpose of a business combination that would result in V23 Resource becoming a publicly listed company on the TSXV Exchange.
"The company believes it is in the best interest of shareholders to extend the record date until such time the two companies have finalized the definitive agreement by the end of January," states Mike Neylan, CEO of CellCube.
CellCube | http://www.cellcubeenergystorage.com