17 June 2002 – Vanteck (VRB) Technology Corp. (Vanteck), the Canadian developer of Vanadium Redox electricity storage batteries, last week announced that it had negotiated, subject to regulatory acceptance, a non-brokered private placement of 2 million units of Vanteck at a price of $0.75 per unit.
The company has recently secured two orders with US utilities having completed an important trial of the VRB technology in South Africa (See PEi May 2002). The proceeds of the private placement will be added to working capital and will be used to fund ongoing business, generation of new business, and general corporate use.
Each unit is comprised of one common share and one common share purchase warrant with each warrant entitling the holder to acquire one Vanteck common share at a price of $1.25 per unit for a period of one year. This private placement will provide Vanteck with gross cash proceeds of $1.5 million.
Vanteck also announced the granting of 2 million employee incentive stock options exercisable at $1.00. These options will be valid for a term of five years and will be subject to vesting.
Based in Vancouver, B.C., Vanteck is an alternative electrochemical energy storage company that has commercialized the patented Vanadium Redox Battery (VRB) Energy Storage System. The VRB is a technology that effectively stores and delivers electricity on demand, improves power reliability, power quality and reduces costs associated with applications for load levelling, peak shaving, and the supply of essential Uninterruptible Power Systems.
Characterized by low ecological impact, the VRB technology uses conducting plastic electrodes and contains no heavy metals. The complete unit, known as the VRBPower System, has mobile design capabilities, allowing the unit to be relocated as may be needed in the future. Vanteck is listed on the TSX (“VRB”), the OTC (“VTTCF”) and on the Frankfurt Exchange (“VNK”).