News EQUITORIAL EXPLORATION CORP. TO INVEST $1.5M IN MAG ONE PRODUCTS INC. TO RECEIVE FIRST RIGHT TO 50/50 JV TO BUILD MAGNESIUM PRODUCTION FACILITY
Mag One Products Inc. has granted Equitorial Exploration Corp. a first right to a 50/50 joint venture to finance equally the construction of the first magnesium and refining production facility for use by Mag One to produce magnesium metal and related products, by using its proprietary magnesium metal technology upon Equitorial completing its investment of $1.5-million to Mag One.
The terms of the joint venture shall be set out in a formal joint venture agreement once the investment is in place. Upon the successful completion of the first production and refining facility under the joint venture terms, Equitorial shall then have the first right to enter into a further 50/50 joint venture in regard to participate to financing of the construction of the second production and refining facility on the same terms as the first joint venture. Equitorial will also have the right to finance other production facilities on a 50/50 joint venture, on a non-exclusive basis, with Mag One once the first two facilities are financed and in operation.
Jack Bal, president of Equitorial Exploration, stated, "We are very excited to be working with Mag One to build a magnesium production facility with Mag One's proprietary magnesium extraction technology."