MONTRÉAL, QUÉBEC--(Marketwired - Nov. 29, 2016) - Critical Elements Corporation (the "Corporation" or "Critical Elements") (TSX VENTURE:CRE) (OTCQX:CRECF) (FRANKFURT:F12) is pleased to announce the appointment of Dr. Steffen Haber as its president. Dr. Haber is well known in the lithium industry, having been Chief Executive Officer and President of Rockwood Lithium up until it was acquired by Albermale for $6.2 billion in January 2015.
Dr. Haber was President and Chief Executive Officer of Rockwood Lithium GmbH when Chemetall GmbH was legally split off in 2012. From 2011 to 2012, he was Managing Director of Chemetall GmbH and since 2007 President of Chemetall's Lithium business. Prior to joining Chemetall GmbH, Dr. Haber worked in different executive positions for Sanofi-Aventis SA and its predecessor companies, in France. Dr. Haber completed his doctorate in organic chemistry at the University of Kaiserslautern, Germany, in 1991 and added one year as a Post-Doc at Ecole Polytechnique in Paris. In 1997, Dr. Haber earned his Bachelor of Science in Management from the International School of Management in San Diego, in the United States. Dr. Haber is a fellow of the International Directors Program of INSEAD.
"The Board of Directors and team at Critical Elements Corporation are delighted to welcome Dr. Steffen Haber as President," said Jean-Sébastien Lavallée, Chief Executive Officer of the Corporation. "The addition of a member with extensive lithium experience and an exceptional background in the industry will provide the team with important knowledge support. Dr. Haber's solid experience and success in leading and developing the largest lithium company as president of Rockwood Lithium will be very valuable assets in the next phase of our Corporation's development."
"I'm very enthusiastic in joining the very talented and dynamic team of Critical Elements, the thrive lithium market is in great need of new sources of supply and it will be our focus for success with the development of the Rose Lithium Tantalum Project", said Steffen Haber new President of Critical Elements starting January 1, 2017.
Critical Elements is also pleased to announce the appointment of Jean-Sébastien Lavallée as Chairman of the Corporation's Board of Directors.
The Corporation would also like to take the opportunity to announce that it has increased the number of shares reserved for issuance under its stock option plan (the "Plan") by 2,448,154. The total number of shares issuable under the Plan now stands at 14,444,591. The increase is subject to the approval of the TSX Venture Exchange.
The Corporation is also announcing that it had granted options to its employees, directors and officers to acquire a total of 4,250,000 common shares. Each option entitles its holder to subscribe for one share of the Corporation at a price of $0.56 for a period of five years. The Corporation has also granted 150,000 common shares to consultants at a price of $0.56 per share. Options granted to consultants are valid for five years or under the terms of the Plan.
About Critical Elements Corporation
A recent financial analysis (Technical Report and Preliminary Economic Assessment (PEA) on the Rose lithium-tantalum Project, Genivar, December 2011) of the Rose project, 100% owned by Critical Elements, based on price forecasts of US $260/kg ($118/lb) for Ta2O5 contained in a tantalite concentrate and US $6,000/t for lithium carbonate (Li2CO3) showed an estimated after-tax Internal Rate of Return (IRR) of 25% for the Rose project, with an estimated Net Present Value (NPV) of CA $279 million at an 8% discount rate. The payback period is estimated at 4.1 years. The pre-tax IRR is estimated at 33% and the NPV at $488 million at a discount rate of 8%. (Mineral resources are not mineral reserves and do not have demonstrated economic viability). (The preliminary economic assessment is preliminary in nature). (See press release dated November 21, 2011.)
The conclusions of the PEA indicate the operation would support a production rate of 26,606 tons of high purity (99.9% battery grade) Li2CO3 and 206,670 pounds of Ta2O5 per year over a 17-year mine life.
The project hosts a current Indicated resource of 26.5 million tonnes of 1.30% Li2O Eq. or 0.98% Li2O and 163 ppm Ta2O5 and an Inferred resource of 10.7 million tonnes of 1.14% Li2O Eq. or 0.86% Li2O and 145 ppm Ta2O5.
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