(TheNewswire)
VANC O U V ER, BC – TheNewswire - February 21, 2023 - On e W o rl d Li t h i u m In c . (C S E : OW L I ) (O T C: OW R DF) (t h e “ Co m p a n y ” or “ O W L ” ) is pleased to announce that it hasentered into a Letter of Intent (the “ LOI ”) with MatterGreen LLC (“ MG ”), an arm’slength Oregon limited liability company, pursuant to which OWL and MG shall complete an assignment(the “ Assignment ”) of two separate divisionalpatent applications for Lithium Carbonation that is a lithiumextraction technology using an advanced carbon dioxide injectionprocess covered by MG’s new Non-Provisional Patent Application (the “ MG Inventions ”), following which AssignmentOWL will be the sole and exclusive owner of the OWL Divisionals (asdefined below) derived from the MG Inventions.
Jack Lifton , asenior consultant in chemical processing technology, and an Advisor tothe Company notes: “ The lithium carbonation technology may have the lowestcapital and operating costs in the Lithium extraction and refiningindustry; could yield more than 99.5% battery grade lithium carbonate;even in very low concentrations; have the ability to separate lithiumcarbonate directly from a brine; and to separate the lithiumcarbonate at near room temperature and moderate pressure. The OWLtechnology has the potential to change the lithium extraction industryand could possibly be funded from either lithium carbonate consumersor traditional private equity funds.”
The two divisional patent applications are for naturalbrine and for slurries made from pegmatite, clay, volcanic rock andsediment (the “ OWL Divisionals ”). Additional patents may be filed in the future asa result of the research & development (“ R&D ”) work tobe carried out with MG.
The LOI is a non-binding agreement and sets out theprincipal terms on which the parties have agreed to complete theAssignment and License Back (as defined below). Subject tosatisfactory due diligence and successful additional negotiations, theparties intend to enter into a definitive agreement with respect tothe Assignment and License Back (the “ Definitive Agreement ”) within 60 to 90 days of the entry of the LOI.
The Basic Terms of the LOI
Pursuant to the terms of the LOI, OWL will acquire theOWL Divisions in consideration for:
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a 7% gross royalty (the Royalty ”) payableto MG from all income received by OWL from any process, procedure orproduct utilizing the OWL Divisionals during the term of theRoyalty;
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the issuance of 2,000,000 common shares (each, a Share ”) in the capital of OWL, as to 1,000,000 Shares upon thecompletion of the Assignment, 500,000 Shares upon receipt by OWL ofthe first deliverable of a small pilot plant that will produce lithiumcarbonate, and 500,000 Shares upon completion of a commercial sizepilot plant that will produce lithium carbonate from brine and/orslurries. This full-scale pilot plant is the second deliverable thatwill complete the two-year research and development program;
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7% Net Proceeds from the sale of OWL Divisionals andthe technology developed by the project; and
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the payment by OWL of 50% of the legal costs associatedwith the completion of the Assignment, capped at OWL contributingUS$22,500.
In addition to the above, OWL has also agreed to fundcertain R&D operations related to the OWL Divisionals, which willbe conducted with MG. Accordingly, OWL has agreed to fund MG’smonthly management fees of US$8,000 to assist R&D laboratory work.OWL also agreed to maintain its Non-Exclusive Research and Evaluationwith an Option from the United States Department of Energy NationalEnergy Technology Laboratory (“ DOE ”) during its option period (the “ DOE Option ”). Formore information on the DOE Option, please see OWL’s news releasesdated March 23, 2022, April 28, 2022, and May 17, 2022 filed under itsprofile on SEDAR .
Following the Assignment, OWL has also agreed tolicense back to MG perpetual, non-exclusive, royalty bearing worldwidelicense to practice the OWL Divisionals and any technology orimprovements arising out of MG’s lab work (the “ License Back ”). Inconsideration for the License Back, MG shall pay OWL a 7% grossroyalty back from all income received by MG from the use, sale orlicense from the License Back.
MG states, “The objective is to commercialize OWL’stechnology that rapidly, economically, and environmentally extractLithium and to generate Lithium Carbonate from a brine using anadvanced carbon dioxide injection process and to reduce presentlycommon consumables in existing production practices includingadsorbents, absorbents, membranes and electrodes, and environmentalburdens originating from substantial uses of local fresh water, acids,and solid chemicals.”
MG’s Founder
Dr. Jinichiro Nakano , who specialized in Material Science and Engineering,graduated with a PhD from McMaster University. From 2007 to 2022,Jinichiro was a Principal Scientist and Technical Fellow with the DOEat the DOE’s National Energy Technology Laboratory in Oregon wherehe developed novel energy and material technologies that resulted in 8patents and 12 international recognitions.
Jack Lifton, Advisor to OWL
Jack is a Physical and Chemical Engineer, co-founder ofCritical Material Institute and a technical advisor to One WorldLithium. Jack is also the Editor in Chief of Critical Materials forInvestor Intel. Jack is a consultant to many companies, author andlecturer on the fundamentals of technology metals. Jack has alsoadvised many Government Agencies including the US Department ofEnergy.
About One World Lithium Inc.
One World Lithium Inc. remains focused on properties ofmerit that may contain lithium carbonate in a brine. The Company isalso focused on commercial application of the DOE’s separationtechnology. OWL intends to license or joint venture its technology tocurrent and future lithium carbonate producers. For more information,visit: https://oneworldlithium.com .
On b e h alf o f t h e B o a rd o f D i r e c t o r s of O n e Wo r l d Li th i u m In c .
“ Do u g l as F u l cher”
P r esi d e n t a n d C h i ef Execu t ive O ff i c er
For further information please visit www.oneworldlithium.com or email info@oneworldlithium.com or call 1-604-564-2017 Extension-3.
Forward-Looking Information: Thispress release may include forward looking information within themeaning of Canadian securities legislation. Forward-lookinginformation is based on certain key expectations and assumptions madeby the management of the OWL, including, but not limited to: (I) theentry into of the Definitive Agreement and timing thereof, (II) theability of the OWL Divisions, following the Assignment and furtherR&D, to change the lithium extraction industry, and (III) OWL’sand MG’s collective abilities to commercialize the OWL Divisionalstechnology. Although OWL believes that the expectations andassumptions on which such forward looking information is based arereasonable, undue reliance should not be placed on the forward-lookinginformation because OWL can give no assurance that they will prove tobe correct. There can be no assurance that such statements will proveto be accurate and actual results and future events could differmaterially from the those anticipated in such statements, importantfactors that could cause actual results to differ materially from thecompany’s expectations include: (I) inability of OWL and MG to agreeupon the essential terms for the Assignment and, as a result, theDefinitive Agreement, (II) the inability of OWL and MG tocommercialize the OWL Provisions; and (III) OWL’s inability toexecute its business plan and raise any required financing, (IV) risksand market fluctuations common to the mining industry and lithiumsector in particular, and (V) advancements in other new separationtechnologies. The ongoing COVID-19 pandemic, labour shortages,inflationary pressures, rising interest rates, the global financialclimate and the conflict in Ukraine and surrounding regions are someadditional factors that are affecting current economic conditions andincreasing economic uncertainty, which may impact the Company’soperating performance, financial position, and future prospects.Collectively, the potential impacts of this economic environment poserisks that are currently indescribable and immeasurable. No assurancecan be given that any of the events anticipated by the forward-lookingstatements will occur or, if they do occur, what benefits the Companywill obtain from them. The Company does not undertake any obligationto update such forward?looking information whether because of newinformation, future events or otherwise, except as expressly requiredby applicable law.
Ne it he r th e Ca nad ian Secu r it i e s E x chang e no r i t s M a r k e t Re gu la to r ( a s tha t t e r m is de f in e d in th e p o li c ies o f th e Ca nad i a n Secu r iti e s E x chan g e ) acc e p ts r e s pon s ibility f o r th e adequac y o r accu r ac y o f th is rel ea s e .
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