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Metalo Manufacturing Inc. - Business Update

Newsfile Corp.
·2 min read

Halifax, Nova Scotia--(Newsfile Corp. - February 16, 2022) - Metalo Manufacturing Inc. (CSE: MMI) (the "Issuer" or "MMI") has filed its quarterly unaudited consolidated financial statements and management discussion and analysis for the period ended December 31, 2021. Both are available under the Issuer's profile on SEDAR at www.sedar.com and on the CSE at www.thecse.com.

BUSINESS UPDATE

MMI continues to evolve and is in advanced assessments with potential partners and investors to use its mineral sands resource for downstream production. First, a sanitaryware product with electric kilns with near-zero CO2 emissions. Canada is 100% import-dependent with $300 million of annual imports. Secondly, development efforts are underway with a team of technical advisors to establish a solution for producing silicon carbide (SiC) using a biomass as its carbon source thus avoiding carbon taxes - this would be globally unique. Silicon carbide is under global supply challenges due to high CO2 emissions and with increased market demand. MMI has also initiated discussions for joint ventures using the sands for Canadian production of glass containers (annual imports of $500 million) and ceramic tiles (annual imports of $225 million). All development efforts may require capital.

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Discussions also continue with investors using the same iron smelter plant design with a shift to produce a green pig iron or a green steel using hydrogen as fuel source - this product will be unique to North America and appeal to ESG investors.

The Issuer also announces that it has issued 120,316 common shares to Forest Lane Holdings Limited ("FLH"), a company controlled by an insider of the Issuer, in satisfaction of its quarterly interest payment of $25,000 due pursuant to the terms of the previously announced convertible debenture. This issuance is made at a deemed price of $0.2078 per share which is the volume- weighted trading price for the 20 trading days ending January 11, 2022. The securities are subject to a four month hold period.

ABOUT METALO MANUFACTURING INC.

MMI's focus remains on investments in energy intensive production projects with near-zero CO2 emissions using its minerals sands resource or Canadian iron ore. MMI is a 44% shareholder of Grand River Ironsands Incorporated ("GRI"). GRI owns a 100% interest in Pure Fonte Ltée (pig iron production). GRI owns 90% (fully dilutable) of Labrador Sands Inc. which owns the mining rights for a resource near Happy Valley-Goose Bay, NL. The Corporation has 19,865,192 issued and outstanding common shares.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

The Corporation seeks Safe Harbour.
For additional information contact:
Liz MacKenzie, Corporate Communications
(902) 233-7255
info@metalo.ca

(NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION VIA U.S. NEWSWIRE)

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/114005