(TheNewswire)
Vancouver, British Columbia / TheNewswire / July 25, 2022 – Gold Lion Resources Inc. (“ Gold Lion ” or the “ Company ”) ( CSE:GL) (OTC:GLIOF) (FWB:2BC) announces that it hassigned and closed a share purchase agreement dated July 20, 2022 (the“SPA”) with Sustainable Li-Ion Research Inc. (“SLIR”) andSLIR’s shareholders in respect of a previously announced transaction (the“Transaction”) whereby the Company has acquired all of the issuedand outstanding securities of SLIR. SLIR’s principal asset andundertaking is its interest, through a wholly-owned subsidiary, in alicense agreement and a sponsored research agreement in the field ofthe recycling of lithium-ion batteries.
After in-depth research and assessment activities, Gold Lion (GL)would like to introduce new generation battery recycling technology.This strategic acquisition of Sustainable Li-Ion Research Inc. willallow GL to leverage a unique technology licensing opportunity from aleading Singapore University.
This proprietary technology and process will significantly enhance therecovery, extraction and overall recycling performance whilemaintaining environmental and cost-effective metrics.
With industrial approaches to recycling battery waste generatingharmful pollutants, hydrometallurgy (using water as a solvent forextraction) is increasingly being explored as a possible alternative.This process involves first shredding and crushing used batteries toform a crushed material called black mass. Researchers then extractvaluable metals from black mass by dissolving it in a mix of strongacids or weak acids plus other chemicals like hydrogen peroxide underheat, before letting the metals precipitate.
While relatively more eco-friendly than conventional methods, the useof such strong chemicals on an industrial scale could generate asubstantial amount of secondary pollutants, posing significant safetyand health risks.
The NTU Singapore team found that the combination of orange peel thathas been oven-dried and ground into powder, and citric acid, a weakorganic acid found in citrus fruits, can achieve the same goals.
The methodology and process to extract valuable metals fromend-of-life lithium cobalt oxide (LCO) batteries with the assistanceof pulverized orange peel (OP) involve a series of mechanical andchemical treatments/reactions that were successful. The teamdemonstrated their concept using orange peel, which recovered preciousmetals from battery waste efficiently. They then made functionalbatteries from these recovered metals, creating minimal waste in theprocess.
Commented, Guy Bourgeois CEO of Gold Lion, “With growing globaldemand of electric vehicles and portable electronics, next generationli-ion battery recycling technology is essential. Fortunately, GoldLion’s proprietary process could eliminate waste by divertingend-of-life li-ion batteries from landfills; reduce mined rawmaterials by providing recycled materials for the li-ion batterysupply chain; improve manufacturing costs by recycling cathode scrapfor use in future lithium?ion cathode manufacturing and eliminatecarbon emissions with its closed-loop hydrometallurgical process.”
Pursuant to the SPA, the Company issuedan aggregate of 10,000,000 common shares in its capital on July 22,2022 (the “Consideration Shares”) to the SLIR shareholders at adeemed price of $0.05 per Consideration Share, representing anaggregate purchase price of $500,000. The aggregate consideration paidunder the Transaction was based on a valuation of SLIR dated July 2,2022, which was prepared by an independent business valuator.
The Transaction was completed pursuant to available prospectusexemptions in accordance with applicable securities legislation. TheConsideration Shares are subject to a hold period of four months and aday from issuance pursuant to applicable securities laws. TheTransaction was an arms-length transaction for the Company and did notconstitute a fundamental change or result in a change of control ofthe Company, within the meaning of the policies of the CSE.
Gold Lion Resources Inc. is a mineral exploration company activelyinvolved in the exploration of its precious metal focused portfolio including Black Lake, Cuteye and Fairview Propertieslocated in British Columbia, Saskatchewan and Idaho, USA. Formore information please visit: https://goldlionresources.com/ .
ON BEHALF OF THE BOARD OF DIRECTORS
Guy Bourgeois, CEO T: 902.225.8881
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of thisrelease.
This news release contains “forward-looking information” withinthe meaning of applicable Canadian securities legislation. Often, butnot always, forward-looking information and information can beidentified by the use of words such as “plans”, “expects” or“does not expect”, “is expected”, “estimates”,“intends”, “anticipates” or “does not anticipate”, or“believes”, or variations of such words and phrases or state thatcertain actions, events or results “may”, “could”,“would”, “might” or “will” be taken, occur or be achieved.Forward-looking information in this news release includes statementsregarding: assumptions that are subject to significant risks anduncertainties. The forward-looking information reflects management'scurrent expectations based on information currently available and aresubject to a number of risks and uncertainties that may cause outcomesto differ materially from those discussed in the forward-lookinginformation. Although the Company believes that the assumptions andfactors used in preparing the forward-looking information arereasonable, undue reliance should not be placed on such informationand no assurance can be given that such events will occur in thedisclosed time frames or at all. Factors that could cause actualresults or events to differ materially from current expectationsinclude: (i) adverse market conditions; and (ii) other factors beyondthe control of the Company. New risk factors emerge from time to time,and it is impossible for the Company’s management to predict allrisk factors, nor can the Company assess the impact of all factors onCompany’s business or the extent to which any factor, or combinationof factors, may cause actual results to differ from those contained inany forward-looking information. The forward-looking informationincluded in this news release are made as of the date of this newsrelease and the Company expressly disclaims any intention orobligation to update or revise any forward-looking information whetheras a result of new information, future events or otherwise, except asrequired by applicable law. Additional information identifying risksand uncertainties that could affect financial results is contained inthe Company’s filings with Canadian securities regulators, which areavailable at www.sedar.com.
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