VANCOUVER, BRITISH COLUMBIA / July 19, 2019 / MGX Minerals Inc. (“MGX” or the “Company”) (CSE: XMG / OTCQB: MGXMF / FSE: 1MG) reported today that MGX Renewables Inc. (“MGXR”) has filed its listing statement (the “Listing Statement”) supporting its application for listing on the Canadian Securities Exchange (“CSE”). A copy of the Listing Statement is available under MGXR’s profile on SEDAR at www.sedar.com. MGXR previously announced the completion of its spin-out from MGX Minerals Inc. pursuant to a plan of arrangement under the Business Corporations Act (British Columbia).
MGXR has been conditionally approved to list its common shares (the “MGXR Shares”) on the CSE and has satisfied the requirements for listing on the CSE, which is expected to occur on July 22, 2019. The MGXR Shares will trade under stock symbol “MGXR” and the Company’s CUSIP number and ISIN are 59325P108 and CA59325P1080, respectively.
MGXR also proposes to grant up to 3,855,000 incentive stock options (the “Options”) to directors, officers, employees and consultants of MGXR. Each Option shall permit the holder thereof to purchase one common share at a price of $0.25 per share up to the earlier of three (3) years from the date of the grant and the termination of the Options in accordance with the terms of the MGXR stock option plan and the policies of the CSE. All Options granted shall vest immediately.
MGXR Energy Storage System
The MGXR ESS is a modular Energy Storage System designed to deliver power in the range 20kW - 50MW and energy storage in the range of 120kWh - 1GWh over extended periods of time. With the advantage of rechargeable zinc-air battery technology, the system can be configured to support a wide range of discharge power, recharge power and duty cycle requirements. Since the energy storage capacity of the system is determined only by the size of the zinc storage tank, a very cost-effective and scalable solution now exists as an alternative to the fixed power/energy ratio of the lithium ion battery.
The MGXR ESS is based upon unique patented zinc-air battery technology. Energy is stored in the form of zinc particles, similar in size to grains of sand. When the system is delivering power, the zinc particles are combined with oxygen drawn from the surrounding air. When the system is recharging, zinc particles are regenerated, and oxygen is returned to the surrounding air.
The flexibility of the MGXR ESS enables it to service a wide range of applications. Typical examples include:
- Storage and smoothing current from renewable energy sources such as wind and solar
- Commercial, industrial backup replacing diesel generators
- Industrial scale, on-demand power for peak shaving or standby
- Grid scale energy storage for energy trading and arbitrage
The MGXR ESS is designed according to a modular architecture that enables a wide variety of system configurations to be created from a small number of common subsystems. Each subsystem implements a single element of the technology:
- The Zinc Regeneration Subsystem (ZRS) provides the recharging function
- The Fuel Storage Subsystem (FSS) provides the energy storage function
- The Power Generation Subsystem (PGS) provides the discharging function