CellCube Energy Storage Systems Inc., formerly Stina Resources Ltd., said July 5 that it completed the previously reported acquisition of Pure Vanadium Corp., which holds a portfolio of licenses for the production and sale of vanadium electrolyte.
The terms of the deal were revised, with CellCube to pay C$187,000 in cash to acquire Pure Vanadium and assume obligations related to the latter's research and development operations.
It previously agreed to issue 17 million shares and allocate C$250,000 for the continued development and testing of Pure Vanadium's technology under a definitive deal signed in November 2017.
"This is an important acquisition as a part of our strategy is to refine the vanadium electrolyte formula to make it more economical for vanadium redox flow batteries," CellCube CEO Mike Neylan said in the statement.
CellCube recently outlined plans to spin out its vanadium assets, including the Bisoni McKay property in Nevada.