(TheNewswire)
MONTREAL, QUEBEC – TheNewswire- July 13, 2023 – Dundee SustainableTechnologies Inc. (“DST” or the “Corporation”)(CSE:DST) is pleased to announce that its Board of Directors hasapproved the Corporation’s decision to divest from a portion of itsoperation and assets located at its Thetford Mines technicalfacilities. DST has entered into an agreement with Société AsbestosCorporation Limited (TSX-V: AB.H)(“SAL”), a Mazarin Inc. (TSX-V:MAZ.H) subsidiary, for SAL to purchase the remaining portion of a3,800 tonne processing contract (see Press release April 1 st , 2021 ) and its associatedprocessing plant equipment and utilities (the “Transaction”).
As part of the Transaction, and via a dedicated asset purchaseagreement (the “Agreement”) signed on July 13 th , 2023, DST will receive anamount equivalent to eight hundred and forty-six thousand dollars(CA$846,500), in return for the operation contract and processingplant equipment. DST’s objective is to benefit from the sale of theprocessing contract and plant equipment and to allow for theCorporation to focus on the development and commercialization of itsflag ship CLEVR ™ and GlassLock ™ Processes.
“We would like to thank all of those that have contributed over theyears to the creation of this successful processing operation at DST.This Transaction is part of DST’s strategy to divest from a portionof its operation and assets which are not directly associated towardsthe development and commercialization of the Corporation’sproprietary Technologies.” commented Mr. Jean-Philippe Mai,President and CEO.
As part of DST’s proprietary Technologies commercialization efforts,the Corporation has just initiated a detailed engineering mandate (the“Mandate”) with a gold mining company (the “Customer”). TheMandate consists in detailed engineering deliverables for a plantutilizing DST’s proprietary GlassLock Process™ (“GlassLock” orthe “Technology”) for the stabilization of legacy arsenic bearingmaterial at the Customer’s operating gold mine in West Africa (see Press release July 10 th , 2020 ).
The Transaction allows for the Corporation’s full commitment towardsthe execution of the Mandate. The mandate is expected to last over aperiod of 4 months and will be conducted by DST’s engineering teamin Thetford Mines.
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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