Upon completion of accretive acquisition, the Company will be able to consolidate financial results of the two companies. The target business has had annual revenue of between
The target business is focused on providing clean technology solutions in the mining, water treatment, clean energy and specialty chemicals industries. It has facilities for beta testing and running pilot plants using physical, chemical and thermal processing.
Bundeep Singh Rangar, Chairman of the Board said: "This acquisition is transformative for both parties. It helps realize our strategic goals of growing revenue, increasing technology prowess and expanding in new markets. Our combined teams and technologies will result in formidable water treatment, mine tailings and minerals processing technologies being offered in key target markets."
With the acquisition, the Company will be able to accelerate the commercialisation of its technology for recovery of precious metals from mining ores and tailings. The target business has a suite of Intellectual Property, in both its patents and knowhow, that is used to develop proprietary technologies. The combined companies can further unlock the potential value of these technologies.
This acquisition will further strengthen
The parties have signed a binding agreement subject to the signing of a definitive purchase and sale agreement upon completion of final due diligence and regulatory approval. While there is no certainty of concluding a definitive agreement, both parties are pursuing its completion on a best efforts basis. The target company's current Chief Executive Officer will remain CEO of the acquired company as part of a retention package to ensure continuity of the business. All financial figures used above are unaudited figures provided by the target business. The counter party cannot be named at this stage for confidentiality reasons. About the
By using patented modifications to conventional technologies and adding polymer-based nano-filtration, the Company's offers environmentally safe NanoPure solutions for water purification. The Company uses
Additionally, the Company's technology can be used to recover precious and base metals from mine tailings, which are the residual material from earlier mining activities. By retrieving valuable metals from old tailing dumps, the Company's NanoMet solutions boosts the value of existing mining assets and reduces the need for new, costly and potentially environmentally harmful exploration and mining.
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