CHMX news:
JV HoA on Direct Lithium Extraction Technology in Bolivia
Clontarf Energy plc will contribute USD$500,000 for the Exclusive Rights to use NEXT-ChemX’s Direct Lithium Extraction Technology in Bolivia.
Austin, Texas, Feb. 15, 2023 (GLOBE NEWSWIRE) -- NEXT-ChemX Corporation (OTC: CHMX), (“Next-ChemX”) is pleased to announce the signature of a ‘Heads of Agreement’ with Clontarf Energy plc (“Clontarf”). Clontarf is an emerging lithium and oil & gas exploration and production company with interests in Bolivia, Ghana, and Chad. Formation of the JV is subject to final due diligence and the parties entering into formal documentation, which is intended to occur within the next 30 days.
Following a period of due diligence expected to lead to formal agreements expanding the Heads of Agreement, the parties will form a 50-50 Joint Venture (“JV”) that will market, deploy, and exploit NEXT-ChemX proprietary (patent pending) ion Targeting Direct Lithium Extraction (“iTDE”) technology in Bolivia.
NEXT-ChemX’s iTDE technology uses the very high surface area of hollow fiber membranes to extract lithium ions from brines. The technology is a continuous process, and does not require high pressure, temperature or electrolysis. It does not rely on traditional processes, but instead mimics biophysical processes of natural principals to induce ions in solution to cross the membrane barrier.
The iTDE technology has been proven to be effective and efficient during laboratory testing, and in the Board’s view, iTDE is an innovative approach to direct lithium extraction.
Environmental attractions include limited energy and water consumption, extracting the targeted ions and generating minimal waste. It is suited for lithium extraction from Bolivian brines, where evaporative ponds are not optimal due to rainfall conditions, altitude and magnesium content.
Clontarf is in discussions with Bolivia’s state-owned lithium company (“YLB”) to test NEXT-ChemX’s proprietary iTDE technology on priority brines, which may include identified salares on which preliminary samples have been taken.
The pilot plant testing and extraction will begin during Spring 2023, including both preliminary testing, as well as pilot plant operations, with results expected by Summer 2023.
Heads of Agreement Terms:
A 50:50 joint venture company to be formed on completion of due diligence will have the exclusive rights to the marketing, testing and deployment of NEXT-ChemX’s iTDE technology in Bolivia.
Clontarf Energy plc to contribute USD$500,000 as an exclusivity fee and will be used towards the pilot plant construction and testing on brines from Bolivia.
NEXT-ChemX will after receipt of the Exclusivity Fee issue restricted shares equal to USD$500,000 at its next financing price to Clontarf Energy plc.
Clontarf Energy plc will issue shares as follows to NEXT-ChemX:
385 million new Ordinary Shares of Clontarf on payment of the USD$500,000 Exclusivity Fee to NEXT-ChemX; and
250 million new Ordinary Shares of Clontarf after successful pilot processing of Bolivian brines through the NEXT-ChemX pilot plant; and
250 million new Ordinary Shares of Clontarf after entry into a construction and processing contract between the JV and the Bolivian authorities on processing of Bolivian brines utilizing NEXT-ChemX’s iTDE technology.
NEXT-ChemX, or its nominee, will have the right, but not the obligation, to invest £250,000 into Clontarf at a price of £0.00065, for 30 days from the signature of this HoA.
Benton Wilcoxon, CEO of Next-ChemX commented: “This first agreement with a mining company in one of the most important regions for lithium extraction is an exciting development. We are ready to demonstrate the capabilities of our technology in the coming months and to launch the worldwide deployment of our ion-Targeting Extraction Systems.”
On behalf of the Board of NEXT-ChemX Corporation
Benton Wilcoxon, Chairman and CEO
https://www.otcmarkets.com/stock/CHMX/news/story?e&id=2449659
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