VANCOUVER: Medaro Mining Corp. (CSE:MEDA) has signed a letter of intent (LOI) with Dr. James G. Blencoe, Ph.D., of Tennessee USA, for the formation of a joint venture to develop and commercialize a new, low-cost process for extracting lithium from spodumene concentrate.
The LOI sets out the parties’ intention to enter into a definitive agreement respecting formation and operation of the Joint Venture.
Execution and closing of the Definitive Agreement will be conditional on satisfactory due diligence, customary conditions precedent and the initial capitalization of the Joint Venture by Medaro.
Pursuant to the Definitive Agreement, Dr. Blencoe will contribute his and his related companies’ intellectual property, personnel, laboratory facilities and services and Medaro will fund all research and development costs.
Medaro (CSE:MEDA) will have the right to acquire up to a 100% ownership interest in the Joint Venture upon achievement of certain funding milestones and share issuances.
The Technology, as proposed, is a thermochemical technique to rapidly manufacture lithium carbonate (Li2CO3) and/or lithium hydroxide (LiOH) from a variety of spodumene (LiAlSi2O6-rich) concentrates.
The method is modular and highly scalable, thereby enabling a small “factory footprint,” and holds the potential to significantly decrease overall hard-rock lithium production costs.
James Blencoe, Ph.D. has more than 40 years’ of experience designing, constructing, operating and maintaining specialized equipment for advanced chemical production. He has extensive knowledge of the thermophysical properties and phase relations of numerous solids, liquids and gases.
Dr. Blencoe has also developed techniques for the precise and accurate control and measurement of chemical composition inactively-reacting open and closed systems.
Prior to entering the private sector as co-founder, President and CEO of Orion Laboratories, LLC, he spent nearly 24 years working at the renowned Oak Ridge National Laboratory in Tennessee, and nine years working at The Pennsylvania State University.
Dr. Blencoe has published more than 50 articles and reports in leading peer-reviewed scientific journals and technical magazines. He earned a B.S. in mining engineering from the University of Wisconsin, Madison, in 1968, and a Ph.D. in geology from Stanford University in 1974.
Medaro (CSE:MEDA) also intends to complete a private placement of up to 6.818 million units at a price of $0.44 per unit, for gross proceeds of up to CDN $3.0 million.
Each Unit will consist of one common share and one-half common share purchase warrant, with each whole warrant being exercisable at a price of $0.55 for a period of twelve months from issuance.
Company intends to use the proceeds from the private placement for acquisitions, marketing, and working capital.
The company may pay finders’ fees to eligible parties who introduce subscribers to the placement.
Medaro Mining (CSE:MEDA) is a lithium exploration company based in Vancouver, BC and holds options over the Superb Lake lithium property located in Thunder Bay, Ontario and the CYR South lithium property located in James Bay, Quebec.
Medaro Mining Ord Shs
0.68 CAD −0.030 (4.23%)
6 May, 12:20 pm GMT-4