TORONTO, July 21 2022 (GLOBE NEWSWIRE) — VVC Exploration Corporation (TSX:VVC), dba VVC Resources, (“CVV“) announces that Proton Green, LLC. has entered into a non-binding term sheet (“Terms Sheet”) which contemplates the reverse merger (“Merger”) with Schmitt Industries, Inc. (NASDAQ: SMIT) (“Schmitt”) .
VVC is a founding shareholder of Proton Green, which launched in 2021 and currently owns approximately 14% of Proton Green.
“I want to congratulate our former VVC colleague, Steve Looper, for his tremendous work in making Proton Green a pioneer in helium, carbon capture and the global energy transition,” said Jim Culver, President and CEO of VVC. “We are proud to have supported Proton Green in its start-up phase and to be part of its vision for a ‘carbon negative future’. This is an environmentally friendly project and ideal for shareholders. from VVC.”
- Proton Green, led by Steve Looper, a former member of the VVC team, is one of the major centers for helium and hydrogen production and carbon sequestration in North America.
- As founding shareholder, VVC currently owns 13.97% of Proton Green.
- Proton Green was founded in 2021 based on the potential of the St. John’s field which contains 33 billion cubic feet (“BCF”) of helium based on an independent third party report (The source: Proton Green website).
- Under the merger agreement with Schmitt, Proton Green would own 95% of the combined company. The company would be renamed “Proton Green Corporation” and common stock would continue to trade on the Nasdaq under a new symbol.
The press release issued by Schmitt can be viewed on Cision PR Newswire. For more information about Proton Green, visit www.vvcresources.com/proton-green.
About VVC Resources
VVC engages in the exploration, development and management of natural resources – specializing in rare and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel and the growing green economy. Our portfolio includes a diverse set of high-growth, multi-asset projects, including: helium and industrial gas production in the western United States; copper and associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canadian company listed on the TSXV (TSX-V: VVC). To learn more, visit our website at: www.vvcresources.com.
About Proton Green
Proton Green, LLC, is a producer of helium and hydrogen, and is strengthening its position as a major carbon sequestration operator in North America. With operating control of St. Johns Field, a 152,000-acre property in Apache Country, Arizona, Proton controls a helium tank and carbon storage pond. Helium remains rare and is used to cool magnets in MRI systems, as silicon temperature in semiconductor manufacturing, for space and satellite applications, and in many other critical technologies. Carbon capture and sequestration is rapidly becoming a climate imperative, and Proton has the capacity to inject up to 22 million metric tons of CO2 per year into its main basin, and over a billion tons of storage capacity. total. For more information, please visit the Proton website at: www.protongreen.com.
|On behalf of the Board of Directors|
|Michel J. Lafrance, secretary-treasurer|
|For more information, please contact:|
|Patrick Fernet – (514) 631-2727||Where||Trevor Burbank – (214) 641-1041|
|[email protected]||[email protected]|
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.
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