TORONTO, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Sparton Resources (TSX-SRI-V), ("the Company”) is pleased to report that Ivanhoe Electric Inc. announced today that definitive agreements have been signed between VRB Energy Inc. ("VRB Energy”), and a subsidiary of privately held Shanxi Red Sun Co., Ltd. ("Red Sun"), and certain other affiliates, finalizing the terms of the transaction announced on September 23rd, 2024. (See Ivanhoe Electric Inc. website - Ivanhoe Electric Inc. | Ivanhoe Electric's VRB Energy Subsidiary and Red Sun Sign Definitive Agreements for Formation of New Grid Scale Battery Joint).
Sparton's interest in the flow battery industry is a 9.975% interest in VRB Energy held through Sparton's 90% interest in VanSpar Mining Inc. Full information regarding the history of the Company's VRB Energy investment is available in its various news releases and corporate filings available at www.sedarplus.ca and on the Sparton website at www.spartonresources.com.
The Chinese joint-venture, which will receive a US $35 million capital increase from Red Sun, is being formed to expand manufacturing and sales of vanadium redox flow battery systems. In addition to the formation of the joint-venture, US $20 million of the transaction proceeds, will establish a separate United States-based vanadium redox battery business in Arizona, capable of producing 50 megawatts per year.
Company President A. Lee Barker commented: "VRB Energy's all-vanadium liquid flow energy storage products are gaining recognition as providing an important piece of the solution. The establishment of the joint-venture and the creation of a US based operation should greatly enhance product sales and installations.”
For more information contact:
A. Lee Barker, M.A Sc., P. Eng.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: info@spartonres.ca Website:www.spartonres.ca
Neither 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.
Forward-Looking Statements
Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
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