Sparton Resources Inc.: Preparatory Work on Vanadium Flow Battery Progresses Towards Commissioning
TORONTO, ONTARIO--(Marketwired - Nov 12, 2015) - Sparton Resources Inc. (TSX VENTURE:SRI) (the "Company") is pleased to announce that, through funding provided by its majority controlled subsidiary, VanSpar Mining Inc. ("VanSpar"), the preparatory work program required to begin the commissioning of one of the world's largest vanadium flow batteries has been substantially completed. The battery is located in Hebei Province, China, at the Zhangbei SGCC1 Project, approximately 60 km north of Beijing, in proximity to the site of the Beijing 2022 Winter Olympics. The battery unit has a power capacity of 8 megawatt hours.
Please see Sparton News Release, dated September 10, 2015.
A team of experienced technicians, led by engineers who previously built and installed the battery, have substantially completed the pre-commissioning program on time and under budget. The battery owner, the State Grid North China Company Limited ("State Grid') has been notified and approval requested to start the commissioning program. This includes, among other things, a full power test and, thereafter, 240 hours of continuous battery operation.
Once commissioning of the battery is successfully completed and the battery is accepted by State Grid, it is obligated to make a series of payments to the company that is undertaking the work funded by VanSpar. Following the initial payment due on acceptance, additional annual maintenance fees are payable over the next 3 years.
The previously announced convertible debenture financing undertaken by VanSpar (up to US $650,000) has provided sufficient funding to date (approximately CAD$153,000) to carry out the SGCC1 Project pre-commissioning work. That financing is continuing and VanSpar anticipates additional tranches to be completed from time to time, although it is not expected that the maximum amount of the financing will be required.
Additional information will be reported when available.
Neither 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.
Forward-Looking Statements
Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and other transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
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Contact
Sparton Resources Inc.
A. Lee Barker
President and CEO
647 344 7734 or Mobile: 416-716-5762
647 344 7734
info@spartonres.ca
www.spartonres.ca
