CONTRACTS WITH RESEARCH AND DEVELOPMENT TEAM
Prime Meridian signs testwork contract with Nexvu
2014-08-13 13:00 ET - News Release
Mr. Brian Leeners reports
PRIME MERIDIAN CONTRACTS WITH RESEARCH AND DEVELOPMENT TEAM FOR TESTING AND PATENT APPLICATIONS INCLUDING SUSTAINABLE AND WASTE MATERIAL PROPPANTS
Prime Meridian Resources Corp. has contracted Nexvu Oil and Gas Inc. (NOG) as the company's testing, research and development partner. The initial scope of the relationship will cover the testing of the company's titanium and silica sources with additional testwork on specific sustainable and waste materials as proppants. Once patent applications have been filed, details will be announced.
The agreement provides a 10-per-cent royalty to NOG on the company's sales of developed materials as proppants and a 50/50 split on revenue from third parties from sales of developed materials as proppants.
"This is another step in building our company, and the opportunity to work with the depth of experience in our consulting team in the development of new materials for proppants will add the proprietary knowledge base from which our company can scale its growth rapidly," stated chief executive officer Brian Leeners.
Prime Meridian is focused on the development of minerals and other basic materials for the production of hydraulic fracturing proppants.
Principal technical consultants
Dr. V.I. (Lucky) Lakshmanan, PhD, FCAE, MIMM, FCIM
Dr. Lakshmanan is an internationally renowned scientist, innovator, entrepreneur and teacher in the area of technologies for sustainable development. He has more than 40 years of hands-on experience in technology development and commercialization, having successfully guided process technologies from concept through development and demonstration, to commercialization for energy (including renewable energy), resources and chemical (including specialty chemical) industries. Dr. Lakshmanan has consistently identified and developed innovative applications in technology commercialization. Born and educated in India, Dr. Lakshmanan obtained his doctor of philosophy in chemistry from Bombay University and moved to Canada in 1974 after serving as lecturer in minerals engineering at the University of Birmingham, United Kingdom. His corporate experience includes roles in Noranda, Eldorado Nuclear, Ortech Corp. and Process Research Ortech, the last of which he founded and guided to become a global leader in sustainable process technologies through its laboratory and pilot plant. He has extensive client contacts and relationships at senior levels with major international corporations, as well as academic and government sectors globally. He is an adjunct professor at the University of Toronto. Dr. Lakshmanan is a fellow of the Canadian Academy of Engineering, and of the Canadian Institute of Mining, Metallurgy and Petroleum, and holds numerous patents.
Dr. Ramamritham (Ram) Sridhar, PhD, DIC, FCIM
Dr. Sridhar has over 40 years of experience in non-ferrous and ferrous process evaluation, selection, flow sheet development, flow sheet improvements, increasing process efficiency, smelter evaluation, and smelter improvements. His expertise includes technology evaluation, development and implementation, and providing innovative solutions to plant problems. Dr. Sridhar obtained his PhD in metallurgy from the Indian Institute of Science, followed by a DIC (diploma of the Imperial College) in metallurgy from Imperial College, London, U.K. As group leader and later section head of pyrometallurgy at Inco, he developed new processes, which are described in 21 U.S. and Canadian patents. He has been the managing director of Indian Steel Rolling Mills, Chennai, India, where he was responsible for increasing the annual production from 18,000 to 60,000 tonnes, and director, India Company Ltd., as well as consultant to major mining and metallurgical companies. Dr. Sridhar is an adjunct professor at the University of Toronto. He is a fellow, Canadian Institute of Mining, Metallurgy and Petroleum, and holds numerous patents.
Champak Bhaumik, PEng, APEGGA, APEGS, SPE
Mr. Bhaumik has been developing hydraulic fracking techniques for horizontal wells, producers and injectors since 2002. Application of these fracking technologies has been carried out for multiple multinational oil and gas companies in North America and overseas. Mr. Bhaumik was a key participant in the development of the SurgiFrac techniques in North America, and is well versed in the selection and use of proppants for hydraulic fractures. Mr. Bhaumik has been working in the oil and gas sector as a production optimization expert for the past 44 years.
Ram Ramkumar, BTech, MBA
Mr. Ramkumar has held chief financial officer, vice-president operations and general manager positions at Reff Inc., a manufacturer of high-end furniture. Subsequently, he was CEO and a shareholder of Inscape Corp., overseeing the growth of its annual revenue from $20-million to $170-million. Both companies went public on the Tokyo Stock Exchange. He is also a principal shareholder of ASL Group, a maker of pressure-sensitive labels for the consumer products industry, as well as vice-chairman and principal shareholder of Children's Television Workshop, operating franchises in North America to teach children science and technology. He is a former member of the board of Toronto Rehabilitation Institute, and has been a member of the board of Cedara Software and Angoss Software.
President
Prime has appointed Michael Dehn as president of the company. Mr. Dehn has over 20 years of experience in the mining industry. His expertise ranges from grassroots to advanced mineral exploration and development, with extensive experience in the marketing and financing of junior resource companies, as well as new exploration and mineral processing technologies. Upon obtaining a bachelor of science degree from the University of Waterloo in 1993, Mr. Dehn began his career in the sector, working as an exploration geologist with Goldcorp Inc., where he later became the senior geologist. He is the past president, chief executive officer and a director of Argex Mining. Mr. Dehn has been an officer and a director of multiple publicly traded mining companies.
Financing
Prime will continue the company's non-brokered private placement of up to 5.0 million units at a price of 10 cents per unit to raise proceeds of up to $500,000. Each unit consists of one common share and one common share purchase warrant, with each unit warrant entitling the holder to acquire one additional common share at a price of 50 cents per share for one year from closing. The unit warrants are subject to the right of the company to accelerate the exercise period for the unit warrants if the common shares of the company trade above 60 cents for a period of 10 consecutive trading days. The proceeds of the private placement will be allocated toward general working capital purposes.
The company may pay finders' fees on the private placement proceeds to certain parties in accordance with the policies of and subject to the approval of the TSX Venture Exchange.