1-Apr-2014
Entry into a Material Definitive Agreement
Item 1.01 Entry into Material Definitive Agreement
Effective March 25, 2014, Mantra Venture Group Ltd. ("we", "us", "our", "Mantra"), through its subsidiary Mantra Energy Alternatives Ltd., has entered into Letter of Engagement with BC Research Inc. pursuant to which BC Research has undertaken to design, engineer and build Mantra's Electrochemical Reduction of Carbon Dioxide ("ERC") demonstration unit. Based in Vancouver, British Columbia, BC Research is the technology commercialization and innovation center of NORAM Engineering and Constructors Ltd., a globally active firm which provides innovative solutions and engineering and equipment packages to the chemical, pulp and paper, minerals processing and electrochemical industries.
The BC Research facility houses a wet chemical laboratory and over 10,000 square feet of pilot plant space, and is where Mantra is performing its ongoing research and development work on ERC. Pursuant to the Letter of Engagement BC Research (in collaboration with NORAM) has been engaged to engineer, design and build Mantra's ERC demonstration unit for the estimated cost of CAD$360,000 (approximately USD$326,000). Engineering and design services for the project will be provided primarily by NORAM engineers and scientists. Mantra has delivered the first payment installment of $190,000 to BC Research and, as at the date of this report, project work has commenced and is estimated to take 24 weeks. Mantra may terminate the agreement at any time and will retain all prior-owned and new intellectual property related to the project.
