(TheNewswire)
MONTREAL, QUEBEC – TheNewswire- June 23, 2023 – Dundee SustainableTechnologies Inc. (“DST” or the “Corporation”)(CSE:DST) is pleased to announce that its Board of Directors hasapproved the Corporation’s participation in a project aimed at theprocessing development, pilot operation and technology deployment forthe treatment of electronic waste material (“e-waste”).
As part of its participation, via a dedicated unanimous shareholderagreement (the “Shareholder Agreement”), DST will subscribe to75,000 Class A shares, for an amount of seventy-five thousand dollars(CA$75,000) in cash and an in-kind contribution of $1,315,063, inreturn for a 25% equity stake in a newly created company(“NewCo”). NewCo’s objective is to provide a novel e-wastetreatment circuit which incorporates DST’s proprietary CLEVRProcess™ (the “CLEVR Process”) for the recovery of gold, silverand palladium. NewCo is currently developing its e-waste treatmentcircuit and working on the construction and operation of an e-wastetreatment pilot plant to be located in Thetford Mines at DST’sTechnical facilities.
As part of the project, DST’s board of Directors has agreed for theCorporation to enter into a Technology Licensing Agreement (the“Licensing Agreement”), where DST would provide NewCo a worldwideexclusive and perpetual license for the use of its proprietary CLEVRProcess specifically and solely for the treatment of e-waste. Inconsideration for the rights and license granted, NewCo shall pay DSTa royalty (the “Royalty”) equal to: (a) one percent (1%) of thenet gold, silver and palladium sales recovered using the CLEVR Processfrom the first NewCo commercial facility; and (b) two percent (2%) ofthe net gold, silver and palladium sales recovered using the CLEVRProcess from other NewCo commercial facility (excluding, for greatercertainty, the pilot plant). In addition, in consideration for therights and license granted, NewCo has the option to pay DST, at anytime during the validity of the Licensing Agreement, a fixed andsingle license fee of ten million dollars (CA$ 10,000,000) (the“License Fee”).
In the event that, before the date that is seven (7) years from theexecution of the Licensing Agreement, NewCo has not paid any Royaltyor the License Fee, the Corporation may, at its discretion, terminatethe Licensing Agreement.
“This is part of DST’s strategy to develop new streams andmarkets for the applicability and commercialization of the CLEVRProcess and to leverage the Corporation’s assets located in ThetfordMines, Quebec” commented Mr. Jean-Philippe Mai, President and CEO.
About Dundee SustainableTechnologies, a corporation controlled by Dundee Corporation
The Corporation is engaged in the development and commercialization ofenvironment-friendly technologies for the treatment of materials inthe mining industry. Through the development of patented, proprietaryprocesses, DST extracts precious and base metals from mineralizedmaterial, concentrates and tailings, while stabilizing contaminantssuch as arsenic, which could not otherwise be extracted or stabilizedwith conventional processes because of metallurgical issues orenvironmental considerations.
DST has filed, published and was granted patents for the GlassLockProcess™ and CLEVR Process™ in numerous countries.
FOR FURTHER INFORMATION PLEASECONTACT:
Mr. Jen-Philippe Mai
President and CEO
Dundee Sustainable Technologies Inc.
Tel: (514) 866-6001 # 228
FORWARD LOOKING STATEMENTS: This press release containsforward-looking statements that address future events and conditions,which are subject to various risks and uncertainties. Actual resultscould differ materially from those anticipated in such forward-lookingstatements as a result of numerous factors, some of which may bebeyond the Corporation’s control. These factors include generalmarket and industry conditions, risks related to continuous operationsand to commercialization of new technologies and other risks disclosedin the Corporation's filings with Canadian SecuritiesRegulators.
Forward-looking statements are based on theexpectations and opinions of the Corporation's management on the datethe statements are made. The assumptions used in the preparation ofsuch statements, although considered reasonable at the time ofpreparation, may prove to be imprecise and, as such, undue relianceshould not be placed on forward-looking statements. The Corporationexpressly disclaims any intention or obligation to update or reviseany forward-looking statements whether as a result of new information,future events or otherwise, except as required by applicable law.
Neither the CSE nor its RegulationServices Provider (as that term is defined in the policies of the CSE)accepts responsibility for the adequacy or accuracy of thisrelease.
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