- Proton Green is one of the leading helium and hydrogen production and carbon sequestration hubs in North America
- As a founding shareholder, VVC currently owns 13.97 per cent of Proton Green
- Proton Green was founded in 2021 based on the potential of the St. John’s Field which contains 33 billion cubic feet (BCF) of helium. based on an independent third-party report
- Proton Green, LLC has entered into a non-binding term sheet which contemplates the reverse merger with Schmitt Industries, Inc.
- Under the merger agreement with Schmitt, Proton Green would own 95 per cent of the combined company.
- VVC Exploration Corporation’s (VVC) share price remains unchanged in early morning trading at C$0.085
VVC Exploration (VVC), portfolio company Proton Green, LLC has signed a non-binding term sheet for a reverse merger with Schmitt Industries, Inc. (NASDAQ:SMIT).
VVC is a founding shareholder of Proton Green, which launched in 2021, and currently owns approximately 14 per cent of Proton Green. The company will be renamed ‘Proton Green Corporation’ and the common stock would continue to trade on the Nasdaq under a new symbol
Jim Culver, VVC President and CEO, commented on the news.
“I would like to congratulate our former VVC colleague, Steve Looper, on his tremendous work building Proton Green into a trailblazer in helium, carbon capture, and the global energy transition. We are proud to have supported Proton Green in its start-up phase and be a part of its vision for a ‘carbon negative future’. This is an eco-friendly project and great for VVC shareholders. “
VVC engages in the exploration, development, and management of natural resources –
specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy.
Proton Green is a producer of helium and hydrogen, and is building out its position as a large carbon sequestration operator in North America. With operating control over the St. Johns Field, a 152,000-acre property in Apache Country, Arizona, Proton controls a helium reservoir and carbon storage basin
VVC Exploration Corporation’s (VVC) share price remains unchanged in early morning trading at C$0.085.