VANCOUVER, Dec. 17 /CNW/ - EMC Metals Corp. (TSX: EMC) is pleased to announce it has completed the acquisition of all of the issued and outstanding capital stock of The Technology Store, Inc., a Nevada corporation pursuant to a stock purchase agreement with Willem and Irene Duyvesteyn dated November 19, 2009. Pursuant to the terms of the stock purchase agreement, EMC Metals has issued 19,037,386 common shares of EMC Metals to Willem and Irene Duyvesteyn. Additional information on the transaction is contained in the company's press release of November 24, 2009.
EMC Metals also announces the appointment of Mr. Willem Duyvesteyn to the Board of Directors. EMC Metals has granted stock options to Mr. Duyvesteyn exercisable to acquire up to 200,000 common shares of EMC Metals at a price of $0.105 per share.
About EMC Metals Corp.
EMC Metals is a specialty metals company focusing on tungsten, molybdenum, vanadium, and other specialty metals within North America. The company is continuing the advancement of existing projects; specifically the company's flagship property the Springer Tungsten Facility in northwestern Nevada where the General Electric Company built a 1,000 tpd underground mine and mill facility in the early 1980's for its sole domestic supply of tungsten. Springer operated for less than a year when it was shut down due depressed tungsten prices stemming from China's aggressive selling into the market. Since GE placed this operation on care and maintenance in 1982, tungsten has enjoyed an expansive growth in its applications and China has indicated it is receding from its position as the dominant supplier of metal to the world. EMC Metals acquired Springer in late 2006 and has spent approximately $38 million to date on its rehabilitation and expansion. With the acquisition of TTS the company will now also aggressively pursue opportunities in unusual specialty metals.
The securities referenced herein have not been and will not be registered under any federal or state securities law of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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SOURCE EMC METALS CORP.
For further information: For further information: EMC Metals Corp., Peter Bosse, President: (604) 648-4653, (916) 789-1953