QNB Metals Inc. (CSE: TIM.X) (USOTC: QNBMF) announces that it has acquired an interest in white hydrogen exploration claims and patent-pending hydrogen detection and production technology with ReSolve Energie Inc., as previously announced on September 19, 2024.
Pursuant to the terms of the Joint Venture Agreement (“Agreement”), a new corporation named ReSolve Hydrogen Inc. (“SubCo”) was formed with QNB Metals Inc. (the “Corporation”) holding a 49.9% interest and ReSolve Energie Inc. (“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 hydrogen (the “Hydrogen Claims”);
- Three intellectual property patent pending applications on hydrogen detection and production (the “Hydrogen IP”).
The Corporation holds the exclusive right until March 31, 2025 (the “Option”) to acquire all the issued and outstanding common shares of ReSolve. This Option would grant the Corporation a 100% interest in the Hydrogen Claims, the patent pending Hydrogen 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 hydrogen 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 hydrogen. Due diligence is ongoing to acquire ReSolve, an intriguing option that would provide shareholders with a 100% interest in the Hydrogen Claims and patent pending Hydrogen IP in addition to expanding the Corporation’s portfolio into other green energy initiatives already prequalified for government grants.”
White hydrogen, also known as natural hydrogen, 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 hydrogen is continuously replenished. White hydrogen is not a fossil fuel and does not emit carbon dioxide or other harmful greenhouse gases. White hydrogen presents an opportunity to obtain low-cost and low-carbon hydrogen on an industrial scale and eliminates greenhouse gas emissions caused by other hydrogen technologies such as gray and blue hydrogen.
The Company further announces that Ian C. Peres has been appointed President and Chief Executive Officer replacing Stephane Leblanc who continues as a member of the board of directors.
The scientific and technical information contained in this news release has been reviewed and approved by Bernard Granger, P.Geo, a "qualified person" within the meaning of National Instruments 43-101.