Elcora Advanced Materials Corp. is pleased to announce that it has closed the previously announced acquisition of STE ERMAZONE.A.R.L (“ERMAZONE”), which includes ten (10) Vanadium licenses/concessions sites in Morocco.
This strategic acquisition supports Elcora’s plan to enhance both its mining and energy storage solutions by adding additional markets related to battery technologies.
In consideration for the purchase of 100% of the outstanding securities of ERMAZONE, the Company has paid consideration as follows: (i) USD$500,000 cash; (ii) 4,500,000 common shares (the “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.
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 Shares will be subject to a minimum hold period of four months and one day from the date of issuance.
About Elcora Advanced Materials Corp.
Elcora was founded in 2011 and has been structured to become a vertically integrated battery material company. Elcora can process, refine, and produce battery related minerals and metals.
As part of the vertical integration strategy Elcora has developed a cost-effective process to purify high-quality battery metals and minerals that are commercially scalable. This combination means that Elcora has the tools and resources for vertical integration of the battery minerals and metals industry.