McKenzie Bay International Ltd: Vanadium Project Receives Ten-Year Guarantee Off-Take Agreement 1.2 Million Pounds V2O5 Per Year.Business Editors BRIGHTON, Mich.--(BUSINESS WIRE)--Aug. 1, 2000 McKenzie Bay International Ltd (Pink Sheets:MKBY) has signed a "Guarantee Off-Take Agreement" with MFT (1) (Master File Table) A list of files in an NTFS volume. It contains the name, size, time and date, etc. for each file. See NTFS and FAT. (2) (Managed File T Metal Ferro-Alloys GmbH, a metals trading company located in Germany, for Vanadium Pentoxide vanadium pentoxide n. A yellow to red crystalline powder, V2O5, used as a catalyst in various organic reactions and as a starting material for other vanadium salts. Also called vanadic acid. Noun 1. flakes and powder (V2O5). Under this Agreement, MFT guarantees the annual purchase of 1.2 million pounds of V2O5 on a monthly basis (100,000 pounds per month) from McKenzie Bay's Lac Dore Vanadium vanadium (vənā`dēəm), metallic chemical element; symbol V; at. no. 23; at. wt. 50.9415; m.p. about 1,890°C;; b.p. 3,380°C;; sp. gr. about 6 at 20°C;; valence +2, +3, +4, or +5. Vanadium is a soft, ductile, silver-grey metal. deposit. The Agreement is effective from the first date of production at Lac Dore and runs for a period of ten years with automatic ten-year extensions. MFT agrees to supply its European and Russian customers exclusively with V2O5 purchased from Lac Dore and McKenzie Bay agrees not to sell to customers in Europe and Russia other than through MFT. McKenzie Bay and MFT agree to regularly exchange market data and to evaluate and keep each other informed of growth opportunities for Vanadium products. V2O5 sold under the Agreement is to be priced on a formula basis relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Metal Bulletin's monthly quotes. Duties, not included in price calculations, are added on after price determination. V2O5 purchased in excess of the guaranteed off-take amount is to be priced at mutually agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy prices. By-products are excluded from this Agreement. Lac Dore, located 300 miles North of Montreal near Chibougamau, Quebec, is the second largest known Vanadium deposit in the world and the largest in North America with an inferred minable V2O5 resource of five billion pounds. Lac Dore, in the final feasibility stage, is owned by McKenzie Bay. Soquem, Association of General Finance (AGF AGF Assurances Générales de France AGF Army Ground Forces AGF American Growth Fund (mutual fund) AGF American General Finance AGF Arbeitsgemeinschaft der Grossforschungseinrichtungen AGF Anatomic Gift Foundation AGF Assume Good Faith ) for the Province of Quebec, has an option to purchase a 20% interest pursuant to an Option Joint Venture Agreement. |
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