MGX Minerals Acquires Additional 5% Stake in PurLucid Treatment Solutions.
M2 EQUITYBITES-January 30, 2018-MGX Minerals Acquires Additional 5% Stake in PurLucid Treatment Solutions
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30 January 2018 - Canada-based energy resources provider MGX Minerals Inc. (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) has exercised its option to acquire an additional 5.0% ownership interest in Canada-based cleantech engineering partner PurLucid Treatment Solutions, increasing MGX's ownership in PurLucid to 51%, the company said.
MGX has acquired Purlucid from existing shareholders in exchange for 1.0m MGX shares in a Phase IV investment agreement share option exercise.
The company maintains the right to acquire 100% through successive future investments.
Since announcing an acquisition and engineering partnership agreement in September 2016, MGX and PurLucid have invented new technology and filed patent applications related to brine treatment and selective lithium recovery.
PurLucid's licensed nanoflotation technology, which purifies wastewater brine, has since been integrated with a newly developed lithium recovery process.
MGX holds the global rights to the jointly developed lithium extraction technology. MGX and PurLucid are now commissioning the first 750 barrel per day system, with flow testing expected to be completed shortly.
PurLucid's licensed and patented nanoflotation technology was designed for oilfield environments. The technology separates impurities from oil and gas wastewater and produces clean water as a final product.
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jan 30, 2018|
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