Prophecy Development Corp. on Jan. 27 said it signed a definitive agreement to acquire Randsburg International Gold Corp.'s 20% interest in the Titan vanadium-titanium-iron project in Ontario.

Prophecy holds an 80% stake in Titan and is looking to consolidate ownership of the property as part of its plans for the vanadium redox battery market.

"We believe the vanadium redox battery (VRB) will lead the energy storage market due to its proven technology, high scalability and environmental friendliness," Executive Chairman John Lee said in a statement.

Under the terms, Prophecy will issue 20,000 shares to acquire Randsburg interest, subject to a four-month hold period. The transaction is subject to Toronto Stock Exchange approval.