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CleanTech Cancels and Discontinues Shares for Salaries Agreement
June 02, 2025 10:01 PM EDT | Source: CleanTech Vanadium Mining Corp.
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2025) - CleanTech Vanadium Mining Corp. (TSXV: CTV) (OTCQB: CTVFF) (FSE: C9R) ("CleanTech" or the "Company") reports the Company and certain of its officers agreed to discontinue the Shares for Services Agreement announced in news release dated October 8, 2024 and November 14, 2024.
Since the start of the Shares for Services Agreement, a total of 1,877,863 shares ("Salaried Shares") have been issued under the Shares for Services Agreements in lieu of 15% of the officers' salaries.
Due to comments received from the TSX Venture Exchange ("TSXV") relating to Salaried Shares being issued below the minimum issue price of $0.05 per share permitted by the TSXV, the Company has cancelled 897,449 of the Salaried Shares which results in all remaining Salaried Shares having been issued at a deemed price of $0.05 per share. The Company paid an aggregate of $19,843 to the officers whose Salaried Shares were cancelled.
The Company and the officers in the table below agreed to discontinue the Shares for Services Agreement effective April 1, 2025.
Since March 1, 2025, 684,660 Salaried Shares were issued as follows:
| Name of Officer | Service Period | Date of Issuance | Number of Shares | Amount | Deemed Price per Share |
| Alex Bayer (Bayer Law Corporation) | February 2025 | March 3, 2025 | 55,556 | $1,250.00 | $0.0225 |
| John Lee | February 2025 | March 3, 2025 | 66,667 | $1,500.00 | $0.0225 |
| Ron Espell | February 2025 | March 3, 2025 | 220,581 | $4,959.63 | $0.0225 |
| Alex Bayer (Bayer Law Corporation) | March 2025 | April 2, 2025 | 55,556 | $1,250.00 | $0.0225 |
| John Lee | March 2025 | April 2, 2025 | 66,667 | $1,500.00 | $0.0225 |
| Ron Espell | March 2025 | April 2, 2025 | 219,633 | $4,941.75 | $0.0225 |
| TOTAL: | 684,660 | $15,401.38 |
Securities issued pursuant to the Shares for Services Agreement are subject to regulatory four month hold period. The Company confirms that these shares issuances have not resulted in the creation of a new Control Person.
About CleanTech Vanadium Mining Corp.
CleanTech is an exploration-stage mining company focused on critical mineral resources. The Company owns a 100% interest in the Gibellini vanadium project in Nevada, United States and has the right to acquire the EI Triunfo gold-antimony project in Bolivia.
Further information on CleanTech can be found at www.cleantechvanadium.com.
ON BEHALF OF THE BOARD
"John Lee"
Chief Executive Officer
For more information about CleanTech, please contact:
Phone: 1.877.664.2535
Email: info@cleantechvanadium.com
www.cleantechvanadium.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254297