RE:ALTAIR deal?February 12, 2021 news
TheNewswire - February 12, 2021 - St-Georges Eco-Mining Corp. (C NSX :SX. CN ) (OTC:SXOOF) (FSE:85G1) is pleased to announce that St-Georges Eco-Mining Corp., St-Georges Metallurgy Corp., and Altair International Corp. have entered into a License and Royalty Agreement dated February 11, 2021, for Altair to license St-Georges Metallurgy’s patent-pending extraction methods and technology in separation, recovery, and purification of lithium and to act as an agent of St-Georges’ developing technology in battery recycling.
Pursuant to the License and Royalty Agreement, St-Georges Metallurgy Corp. will grant Altair a non-exclusive license to use the Lithium Extraction Technology for any of Altair’s lithium-bearing prospects in the United States. In exchange for the license, Altair has agreed to grant SX a 5% net revenue royalty on all metals and minerals extracted and processed using any of St. Georges methods or technologies. This royalty will apply to all current and future properties in the United States in which Altair has claims.
In addition, SX will provide Altair with full access to the EV Battery Recycling Technology for the purpose of Altair acting as exclusive master agent to promote the licensing and deployment of the EV Battery Recycling Technology. Altair has the right to appoint sub-agents, each of which will enter into an agency agreement with SX and Altair. In exchange for acting as master agent, SX has agreed to grant Altair a 1% trailer fee on any royalty received by SX from the licensing of the EV Battery Recycling Technology to licensees brought by Altair or its sub-agents. SX has also agreed that it will not solicit any third party with which Altair has initiated discussions to license the EV Battery Recycling Technology or act as a sub-agent for a period of three years from the date that such party initially entered discussions with Altair. Pursuant to the License and Royalty Agreement, SX and SXM retain all ownership rights to the EV Battery Technology and the Lithium Extraction Technology, respectively. In addition, SX retains the right to market, promote, license, and sell the EV Battery Recycling Technology to third parties. The License and Royalty Agreement may be terminated by mutual written consent of the parties. This agreement replaces the parties’ previous agreement, and no additional payments or additional share issuance is to be expected.
Vilhjalmur Thor Vilhjalmsson, St-Georges Eco-Mining Corp.’s President & CEO, commented: “(…) the parties have worked diligently in reviewing the prior proposed joint-venture partnership (…) St-Georges’ initial work conducted in January on battery recycling has shortened the initially expected timeline of 18 to 24 months to less than 3 weeks (…) it has also exposed that the Company’s current recovery technology allowed for the recycling of lithium-ion batteries with very little additional research and development (…) the additional work required will generate IP that is mostly derivative and would not create enough value on its own (…) a licensing and agency agreement allows the partners to move faster and leverage the positive development right away (…)”.
St-Georges Eco-Mining Corp. expects to receive independent analysis of the content grades and quality from the batteries it processed in January in the coming days.