Vanteck (VRB) Technology Corp - News Release
Vanteck acknowledges second-largest shareholder
Vanteck (VRB) Technology Corp VRB
Shares issued 26,712,806 Oct 10 2001 close $1.720
Thursday Oct 11 2001 News Release
Mr. Richard Kaiser of McKenzie Bay reports
McKenzie Bay International Ltd. (MKBY) has elected to convert its 6.07 million shares, approximately 10.6 per cent, of Pinnacle VRB Limited (PCE) to the formal takeover by Vanteck (VRB) Technology.
McKenzie Bay's holding of Pinnacle when combined with Vanteck's current holding consolidates the control of Pinnacle. McKenzie Bay believes that this strategic decision will further the development of the VRB technology. The acceptance makes McKenzie Bay the second-largest shareholder of Vanteck.
McKenzie Bay, via its Canadian subsidiary, is seeking to develop the Lac Dore vanadium deposit located near Chibougamau, Que., into the first primary producing vanadium pentoxide mine in North America and a major producer of battery-grade vanadium oxides to better position itself for new business opportunities resulting from the advent of new, vanadium-oriented, energy storage technologies. This deposit is North America's largest, the world's second largest, and contains a combined proven, indicated and inferred minable vanadium pentoxide resource of five billion pounds.
Soquem Inc., a division of SGF Mineral Inc., which is a subsidiary of Societe generale de financement du Quebec (SGF), has the right to acquire a 20-per-cent interest in the project upon acceptance of a positive bankable study.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
(c) Copyright 2001 Canjex Publishing Ltd. canada-stockwatch.com
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