MGX Minerals Increases Ownership Stake in Cleantech Engineering Partner PurLucid Treatment Solutions to 51%
January 25 2018 - 8:30AM
InvestorsHub NewsWire
MGX Minerals Increases Ownership
Stake in Cleantech Engineering Partner PurLucid Treatment Solutions
to 51%
Vancouver, BC -- January 25, 2018 -- InvestorsHub NewsWire
-- MGX Minerals Inc. (“MGX” or the “Company”)
(CSE:
XMG / FKT:
1MG / OTCQB: MGXMF) is pleased to report
the Company is exercising its option to acquire an additional 5%
ownership interest in engineering partner PurLucid
Treatment Solutions (“PurLucid”) from existing
shareholders in exchange for 1 million MGX shares. The Phase IV
investment agreement share option exercise increases MGX’s
ownership in PurLucid to 51%. The Company maintains the right to
acquire 100% through successive future investments.
Since announcing an acquisition and engineering partnership
agreement in September 2016, MGX and PurLucid have invented new
technology and filed patent applications related to brine treatment
and selective lithium recovery. PurLucid’s licensed nanoflotation
technology, which purifies wastewater brine, has since been
integrated with a newly developed lithium recovery process. MGX
holds the global rights to the jointly developed lithium extraction
technology. MGX and Purlucid are now commissioning the first
750 barrel per day system, with flow testing expected to be
completed shortly.
About PurLucid
PurLucid’s exclusively licensed and patented nanoflotation
technology was designed specifically for oilfield environments. The
technology separates impurities from oil and gas wastewater and
produces clean water as a final product. This allows for the
recycling or controlled release of oilfield wastewater and reduces
or eliminates downhole and associated transportation costs. Water
handling costs are one of the largest operating costs in the
oilfield and oilsands operations today. Learn more at www.purlucid.com.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with
interests in advanced material and energy assets throughout North
America. Learn more at www.mgxminerals.com.
Contact
Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com
Neither the Canadian Securities Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking
Statements
This press release contains forward-looking information or
forward-looking statements (collectively "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information is typically identified by words such
as: "believe", "expect", "anticipate", "intend", "estimate",
"potentially" and similar expressions, or are those, which, by
their nature, refer to future events. The Company cautions
investors that any forward-looking information provided by the
Company is not a guarantee of future results or performance, and
that actual results may differ materially from those in
forward-looking information as a result of various factors. The
reader is referred to the Company's public filings for a more
complete discussion of such risk factors and their potential
effects which may be accessed through the Company's profile on
SEDAR at www.sedar.com.
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