CleanTech Cancels and Discontinues Shares for Salaries Agreement

Rhea-AI Summary

CleanTech Vanadium Mining Corp (CTVFF) has terminated its Shares for Services Agreement with company officers. The agreement, which allowed officers to receive shares in lieu of 15% of their salaries, was discontinued due to TSXV regulations requiring a minimum share issue price of $0.05. The company cancelled 897,449 shares that were issued below this threshold and paid affected officers $19,843 in compensation. Prior to termination on April 1, 2025, a total of 684,660 shares were issued to officers between March-April 2025 at $0.0225 per share, representing $15,401.38 in value. The total shares issued under the program reached 1,877,863 before its cancellation.

Positive

• Company complied with TSXV regulations by cancelling non-compliant shares
• Officers were compensated with cash payment of $19,843 for cancelled shares

Negative

• Cancellation of Shares for Services Agreement may impact officer compensation structure
• Company incurred additional cash expenses to compensate for cancelled shares
• Previous share issuances were done below TSXV minimum price requirement of $0.05

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

FAQ

Why did CleanTech (CTVFF) cancel its Shares for Services Agreement?

CleanTech cancelled the agreement due to TSXV regulations requiring a minimum share issue price of $0.05, as shares were being issued at $0.0225.

How many shares were cancelled under CleanTech's (CTVFF) Shares for Services Agreement?

CleanTech cancelled 897,449 shares that were issued below the TSXV minimum price requirement of $0.05 per share.

What compensation did CleanTech (CTVFF) officers receive for cancelled shares?

Officers received a total cash payment of $19,843 as compensation for their cancelled shares.

How many shares were issued under CleanTech's (CTVFF) Shares for Services Agreement before cancellation?

A total of 1,877,863 shares were issued under the agreement, with the final 684,660 shares issued between March-April 2025.