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QNB acquires interest in white H2 assets including patent pending technology
QNB Metals has acquired an interest in white H2 exploration claims and patent-pending H2 detection and production technology with ReSolve Energie Inc. Pursuant to the terms of the joint venture agreement, a new corporation named ReSolve Hydrogen (SubCo) was formed with QNB Metals Inc. holding a 49.9% interest and ReSolve Energie (ReSolve) holding the balance.
The improved, updated terms include consideration of 4,000,000 common shares of the Corporation issued and a $50,000 cash payment paid to ReSolve Energie, the SubCo now holds:
- 119 mineral exploration claims covering 6,613 hectares (66 km) in Northern Quebec, eligible for super flow through exploration incentives, known to host elevated levels of H2 (the H2 Claims)
- Three intellectual property patent pending applications on H2 detection and production (the H2 IP).
The Corporation holds the exclusive right until March 31, 2025, to acquire all the issued and outstanding common shares of ReSolve. This option would grant the corporation a 100% interest in the H2 Claims, the patent pending H2 IP, and other highly prospective patent pending IP for other green energy initiatives already prequalified for government grants.
Ian C. Peres, Chief Executive Officer commented, “The closing of this H2 transaction represents an important milestone for shareholders. Exploration fieldwork, using our leading detection technology, is expected to commence in short order on the highly prospective claims known to host elevated levels of H2. Due diligence is ongoing to acquire ReSolve, an intriguing option that would provide shareholders with a 100% interest in the H2 Claims and patent pending H2 IP in addition to expanding the Corporation’s portfolio into other green energy initiatives already prequalified for government grants.”
White H2, also known as natural H2, is a clean burning, zero emission, colorless and odorless gas which naturally forms within the earth’s crust, making it an alternative to fossil fuels. Unlike depleting fossil fuel reserves, natural H2 is continuously replenished. White H2 is not a fossil fuel and does not emit carbon dioxide or other harmful greenhouse gases. White H2 presents an opportunity to obtain low-cost and low-carbon H2 on an industrial scale and eliminates greenhouse gas emissions caused by other H2 technologies such as gray and blue H2.
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