Trading Sym: TSX Venture: GEM
Shares Outstanding: 209,996,930
February 2, 2017 – Toronto – Pele Mountain Assets Inc. (TSX VENTURE: GEM) (“Pele” or the “Company”) today appear the accumulation of a wholly-owned subsidiary, Sage Ability Corporation (“SPC”), to beforehand its activity bearing and accumulator projects (the “Projects”) in Northern Ontario.
In September 2016, Pele entered into a Acceptable Activity Development Agreement (the “Agreement”) with the City of Elliot Lake (the “City”). Beneath the agreement of the Agreement, the City Council has appointed Pele, on an absolute basis, to be the developer of activity and activity accumulator projects on City Lands through April 2018.
Pele President Al Shefsky stated, “With Pele’s abiding alive relationships and the attendance of our flagship Eco Ridge Uranium and Attenuate Apple activity (“Eco Ridge”) in Elliot Lake, it makes acceptable business faculty for us to barrage our new adventure here, developing activity projects that serve the continued appellation banking objectives of borough and bartering electricity consumers in Northern Ontario.”
Pele’s interests in the Projects will be endemic and managed aural SPC, which seeks to identify, design, develop, and accomplish activity projects that accommodate smart, sustainable, customized ability solutions to borough and bartering electricity consumers with ample calefaction and ability requirements. These consumers can account by locking into long-term, lower-cost electricity and thermal activity at no upfront amount while Pele stands to account from sources of new, abiding revenue.
SPC is alive with the manufacturers of avant-garde cogeneration systems, and a aggregation of activity industry experts and engineers including HH Angus & Associates Limited to architecture and admittance behind-the-meter accumulated calefaction and ability (“CHP”) cogeneration solutions that abate costs, admission reliability, and conserve activity supplied by the Provincial ability grid.
CHP provides able electricity bearing that captures calefaction to accommodate advantageous thermal activity that would contrarily be absent as decay from the generator. CHP generators can bifold the activity ability from anniversary assemblage of ammunition consumed, compared to electricity-only gas accursed generators, abbreviation costs and carbon emissions while additionally convalescent activity aegis and reliability.
Mr. Shefsky added, “In accession to behind-the-meter CHP bearing in Elliot Lake and added municipalities area accustomed gas is available, we additionally seek to accommodate activity solutions to alien and off- filigree automated and association applications in Northern Ontario, area the use of agent generators
inhibits beforehand and presents ecology challenges. With the beforehand of renewable activity and acute micro filigree technologies, we see opportunities to apparatus sustainable, reliable, amount able alternatives to agent or big-ticket extensions to absolute manual lines.”
Pele additionally appear today that, as its allotment amount has traded beneath the TSX Adventure (TSX-V) Exchange’s allowable minimum allotment arising amount of $0.05 for an continued period, and in appearance of the contempo able admission in broker absorption in uranium analysis and development companies, Management is advising up to a 1 for 10 allotment alliance at the accessible Annual General and Appropriate Meeting of Shareholders on March 9, 2017 (the “Shareholders Meeting”). A allotment alliance is acceptable to beforehand Pele’s admission to basic markets, acceptance the Company to bigger position itself to beforehand its projects, including Eco Ridge.
In affiliation with the proposed allotment alliance and to bigger reflect its broadcast business model, Management is additionally proposing a accumulated name change to Griffin Activity & Metals Ltd. (GEM).
The allotment alliance and name change crave appropriate approval (66 2/3rds) of the shareholders of Pele present in being or by proxy at the Shareholders Meeting and TSX-V approval. For added advice about the proposed allotment alliance and name change amuse appointment Pele’s website at www.pelemountain.com to appearance Pele’s Letter to Shareholders and Management Advice Circular.
Pele’s all-encompassing NI 43-101 uranium assets at its 100-percent endemic Eco Ridge activity abide to accommodate Pele shareholders with acknowledgment and advantage to the amount of uranium while the Company is focused on the acceptable development of bounded ability bearing and attenuate apple processing in Elliot Lake, Ontario.
Pele’s Eco Ridge activity has different characteristics that accomplish it an adorable development site, including accomplished bounded infrastructure, able bounded support, and its cardinal area in Elliot Lake, the above “Uranium Mining Basic of the World” and Canada’s alone celebrated attenuate apple mining and processing camp.
Pele shares are listed on the TSX Adventure Exchange beneath the attribute “GEM”.
For added advice amuse acquaintance Al Shefsky, President, at (800) 315-7353, or appointment the Pele website at www.pelemountain.com.
Neither the TSX Adventure Exchange nor its Regulation Services Provider (as that appellation is authentic in the behavior of the TSX Adventure Exchange) accepts albatross for the capability or accurateness of this release.
Pele Mountain Assets Inc. appear this agreeable on 02 February 2017 and is alone amenable for the advice independent herein.Distributed by Public, unedited and unaltered, on 02 February 2017 19:34:04 UTC.
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