October 2, 2018 - Windfire Capital Corp. (WIF.H:NEX) (“Windfire” or the “Company”) announces that is has entered into an agreement dated September 28, 2018 (the “Agreement”) with the shareholders (the “Vendors”) of all of the issued and outstanding common shares (the “114 Shares”) of 1141717 B.C. Ltd. (“114”).
114 is a British Columbia company that owns a total of 97 Lode Claims (the “Claims”) in Garfield County, Utah (the “Desert Eagle Project). The Claims comprising the Desert Eagle Project total 2,004 acres and are prospective for vanadium. The Claims are held by 114’s wholly owned Nevada incorporated subsidiary, Fatt Dogg Holdings, LLC.
The Desert Eagle Project is located in Garfield County, Utah, United States. The Project is host to historic vanadium and uranium production beginning in the early 1900’s which has continued erratically and intermittently, most of which was not reported. The project is located in the Trachyte district situated to the east of the Henry Mountains, 95 miles south of Green River, Utah. The project is considered prospective for the development of vanadium due to the high grades (up to 28% Vanadium Pentoxide) and high ratios of vanadium over uranium present on the Claims. The main host rock on the property is sandstone of the Salt Wash member of the Jurassic Morrison formation, a rock unit synonymous with vanadium and uranium production across the Colorado Plateau.
Under the terms of the Agreement, the Vendors are to receive, pro-rata according to their respective interests in the Shares a total of Cdn$80,000 and 7,000,000 common shares of the Company (the “Company Shares”) as consideration for the purchase of their 114 Shares.
The closing of the Agreement and the transactions contemplated in it are subject to the approval of the Company’s filings with the NEX board of the TSX Venture Exchange.
CORPORATE UPDATE AND NAME CHANGE
The Board of Directors has approved the change of the Company’s name to “Global Vanadium Corp.”. The change of name is subject to the approval of the NEX board of the TSX Venture Exchange and, assuming approval, the Company will provide a news release updating the status of the change of name once the effective date of the name change is determined.
With the recent completion in August of a private placement providing the Company with working capital and the acquisition of the Desert Eagle Project, the Company intends to apply for relisting on the TSX Venture Exchange (the “Reactivation”) once it has completed an initial NI 43-101 geological report (the “Report”) on the Desert Eagle Project. No assurance can be given as to the date that the Company will complete the Report, whether the Report will be positive, the date that the Company will apply for Reactivation or whether the application for Reactivation will be successful.
The Company has not independently verified the grades reported in this release and considers them historic in nature. Sample locations and sample grades reported above were taken from the United States Geological Survey - Mineral Resource Data System (MRDS) which is openly available to the public, and from certain government studies conducted on the property under the United States Atomic Energy Commission report identification number RMO-912.
The technical information in this release has been reviewed by Adrian Smith, P.Geo, a qualified person as defined by NI 43-101, and an independent consultant to the Company.
Windfire Capital Corp.
The Company is listed on the NEX board of the TSX Venture Exchange.
Neither the 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.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding Windfire’s intention to continue to identify potential transactions and make certain corporate changes and applications. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Windfire will obtain from them. These forward-looking statements reflect managements’ current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including Windfire’s inability to identify transactions having satisfactory terms or at all and the results of exploration or review of properties that Windfire does acquire. These forward-looking statements are made as of the date of this news release and Windfire assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.