NovX21 (TSX:V.NOV, Stock Forum), a Montreal Quebec-based firm engaged in the exploration and evaluation of Canadian mineral properties, announced today that European and North American catalytic converter supplier met in recent months and expressed an interest in NovX21's technology by shipping material to the company's Saint-Augustin-de-Desmaures plant.
According to the news release, the shipments will be treated at NovX21's current facility utilizing the company's innovative green technology process that produces PGM-rich metal powder with high-grade purity.
The release went on to note, “The Saint-Augustin plant upgrade has been completed and reflects the improvements needed for the new plant. St-Augustin is now using equipment specifically designed to provide significant improvements to our process, allowing us to reduce capital and operating costs and operating time.”
Then it added, “Several components designed by our engineers, as well as the data on these adjustments, enhance our intellectual property and remain trade secrets. The equipment has been designed and manufactured in Quebec by various contractors.”
The company intends to seek out long-term supply agreements for its new plant.
NovX21 was in the news recently when the company's board approved the location of its new PGM plant six days ago.
Shares jumped 25% on the news to $0.10 per share.
Currently there are 102.2m outstanding shares with a market cap of $10.2 million.