RE:Innovation Metals
Oct. 10, 2019 Innovation Metals Corp. (“IMC”) is pleased to announce the execution of a binding Investment Agreement (“BIA”) with Hexagon Resources Limited (ASX:HXG) (“Hexagon”), on the formation of American Innovation Metals Inc. (“AIM”), a new joint-venture company focused on the commercialization of IMC’s RapidSX™ technology for the separation of rare-earth elements (“REEs”).
Through the BIA with IMC, Hexagon has an Option to acquire 49% of AIM with an exercise price of US$2.0 million, plus US$4.0 million in deferred consideration.
The US$2.0 million investment by Hexagon will be utilized to build a commercial demonstration plant (“CDP”) in North America. The CDP will have a planned production capacity of 60,000 to 80,000 kg of REOs per year, with construction and commissioning planned for completion in Q3 2020. The investment will also be utilized to complete the protection of the RapidSX IP via global patent applications.
The CDP will be used to conduct staged scoping- to feasibility-level studies on the performance, capital and operating costs of a full-scale, RapidSX-based REE separation plant.
Initial commercialization by AIM will focus on licencing of the RapidSX technology to mixed REE chemical-concentrate producers for fixed and revenue-based fee structures.
https://www.innovationmetals.com/news/imc-and-hexagon-resources-limited-form-jv-for-the-commercialization-of-rapidsx-technology-for-ree-separation/
Wonder if Ucore might be one of the first licensees?