SXOOF - St-Georges Inks Definitive Agreement with Altair
(TheNewswire)
Montréal - 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-MiningCorp., 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-pendingextraction methods and technology in separation, recovery, andpurification 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 licenseto use the Lithium Extraction Technology for any of Altair’slithium-bearing prospects in the United States. In exchange for thelicense, Altair has agreed to grant SX a 5% net revenue royalty on allmetals and minerals extracted and processed using any of St. Georgesmethods or technologies. This royalty will apply to all currentand future properties in the United States in which Altair hasclaims.
In addition, SX will provide Altair with full access tothe EV Battery Recycling Technology for the purpose of Altair actingas exclusive master agent to promote the licensing and deployment ofthe EV Battery Recycling Technology. Altair has the right to appointsub-agents, each of which will enter into an agency agreement with SXand Altair. In exchange for acting as master agent, SX has agreed togrant Altair a 1% trailer fee on any royalty received by SX from thelicensing of the EV Battery Recycling Technology to licensees broughtby Altair or its sub-agents. SX has also agreed that it will notsolicit any third party with which Altair has initiated discussions tolicense the EV Battery Recycling Technology or act as a sub-agent fora period of three years from the date that such party initiallyentered discussions with Altair. Pursuant to the License and RoyaltyAgreement, SX and SXM retain all ownership rights to the EV BatteryTechnology and the Lithium Extraction Technology, respectively. Inaddition, SX retains the right to market, promote, license, and sellthe EV Battery Recycling Technology to third parties. The License andRoyalty Agreement may be terminated by mutual written consent of theparties. This agreement replaces the parties’ previous agreement,and no additional payments or additional share issuance is to beexpected.
Vilhjalmur Thor Vilhjalmsson, St-Georges Eco-MiningCorp.’s President & CEO, commented: “(…) the parties haveworked diligently in reviewing the prior proposed joint-venturepartnership (…) St-Georges’ initial work conducted in January onbattery recycling has shortened the initially expected timeline of 18to 24 months to less than 3 weeks (…) it has also exposed that theCompany’s current recovery technology allowed for the recycling oflithium-ion batteries with very little additional research anddevelopment (…) the additional work required will generate IP thatis mostly derivative and would not create enough value on its own(…) a licensing and agency agreement allows the partners to movefaster and leverage the positive development right away(…)”.
St-Georges Eco-Mining Corp. expects to receiveindependent analysis of the content grades and quality from thebatteries it processed in January in the coming days.
ON BEHALF OF THE BOARD OF DIRECTORS
"Enrico DiCesare"
Enrico Di Cesare
St-Georges’ Director & President St-Georges Metallurgy
About St-Georges
St-Georges is developing new technologies to solve someof the most common environmental problems in the mining industry. TheCompany controls all the active mineral tenures in Iceland. It alsoexplores for nickel & PGEs on the Julie Nickel Project and theManicougan Palladium Project on the Québec’s North Shore.Headquartered in Montreal, St-Georges’ stock is listed on the CSEunder the symbol SX, on the US OTC under the Symbol SXOOF and on theFrankfurt Stock Exchange under the symbol 85G1
The Canadian Securities Exchange(CSE) has not reviewed and does not accept responsibility for theadequacy or the accuracy of the contents of this release.
Copyright (c) 2021 TheNewswire - All rights reserved.