Post by
Betteryear2 on May 10, 2023 6:07pm
Provides Update on Patent Pending Lithium Extraction C.HZ
Vancouver, British Columbia--(Newsfile Corp. - May 10, 2023) - Hertz Lithium Inc. (CSE: HZ) (FSE: QE2) (the "Company") is pleased to announce that it has exercised its option (the "Option") to obtain a worldwide, remuneration-bearing, license to utilize the patent rights related to the Penn State Research Foundation's (the "PSRF") Novel Process for Extraction of Lithium from Alpha-Spodumene (the "Technology"). The Company acquired the Option pursuant to an option agreement with the PSRF dated August 30, 2022, as amended on November 15, 2022 (the "Option Agreement"). Now that the Company has exercised the Option, the Company and the PSRF have entered negotiations related to a licence agreement. It is anticipated the license agreement will require that the Company pay the PSRF mutually agreed to royalty and milestone payments based on revenue, if any, generated by the Company from the Technology. Further, the Company and the PSRF are in discussions to further develop and scale-up the technology. Hertz Lithium Inc. Provides Update on Patent Pending Lithium Extraction Technology with Penn State University and Exploration on Lucky Mica Project (newsfilecorp.com)
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