CellCube Spinout Company V23 Resource Extends LOI With Regency


Date: Apr 09, 2019

TORONTO, April 8, 2019 /PRNewswire/ — CellCube Energy Storage Systems Inc. (“CellCube” or the “Company”) (CSE: CUBE) (CSE: CUBE.CN) (OTCQB: CECBF) (Frankfurt: 01X) (WKN: A2JMGP) is pleased to announce the Company has extended the non-binding letter of intent (“LOI”) agreement with Regency Gold Corp. (RAU.H TSX V) to May 15, 2019.

The two companies entered into an Extension Agreement of the LOI for the purpose of a business combination (news release dated December 13, 2018 and January 24th, 2019). The Extension Agreement dated April 2, 2019 will allow the parties to agree they would have until 5:00 pm (Eastern Time) on May 15, 2019 to conduct due diligence on each other and the transaction in accordance with the terms of the LOI.

The completion of the business combination is subject to a number of conditions, including the receipt of all required regulatory and third-party consents, including the approval of the TSXV, and the satisfaction of other customary closing conditions. The business combination (see press February 13, 2019) can only be completed if the required approvals are obtained. There can be no assurance that the business combination will be completed as proposed or at all. 

V23 Resource Corp.

V23 Resource Corp. is a vanadium exploration company wholly owned by CellCube, with two vanadium properties located in Nye County, Nevada. CellCube’s Bisoni McKay and Bisoni-Rio properties represent a significant pure play vanadium projects in North America, totaling 4,115 acres contiguous to the Gibellini deposit held by Prophecy Development Corp. 

About Regency Gold Corp.

Regency Gold Corp is a mineral exploration company based in Canada. It is engaged in the identification, acquisition, exploration and, development of exploration and evaluation assets. Regency Gold Corp. recently entered into a definitive agreement to acquire Vanadium North Resources Inc. and its option on the Valley of Vanadium Project located in the Northwest Territories, Canada. (see press February 13,2019).

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