SYDNEY, AUSTRALIA: Southern Gold Ltd (SAU), a gold exploration company with projects in South Korea, has announced its intention to acquire londrive Technologies Pty Ltd (IDT), a battery materials commercialisation company, for $1.2 million in SAU shares, subject to shareholder approval.
The proposed acquisition is part of SAU’s strategy to diversify its business and add shareholder value by tapping into the growing demand for battery technologies. IDT has a strategic partnership agreement with the University of Adelaide, which gives it exclusive access to three patent-protected battery technologies developed by world-class researchers at the university.
The three technologies include non-flammable lithium-ion batteries, a new lithium battery recycling solvent, and high-performing aqueous batteries. IDT plans to translate these technologies into commercial applications over the next 12 months, and to engage with potential international industry partners for piloting them.
SAU also announced that it will raise $2.5 million through a placement to fund IDT’s operations and to continue its exploration activities on its existing gold projects in South Korea. The placement is also subject to shareholder approval.
SAU’s managing director, Simon Mitchell, said: “We are excited to announce this strategic investment in IDT, which complements our recent diversification into lithium and rare earth elements exploration. We believe that IDT has the potential to deliver significant value to our shareholders by commercialising cutting-edge battery technologies that address some of the key challenges facing the battery industry, such as safety, performance and sustainability. We look forward to working with IDT and the University of Adelaide to realise this potential.”
IDT’s chief executive officer, Dr. David Lewis, said: “We are delighted to partner with SAU, which shares our vision of creating a leading battery materials company. We have a strong relationship with the University of Adelaide, which has invested heavily in battery research and has produced some of the most innovative and promising technologies in this field. We are confident that we can leverage this intellectual property and our expertise to develop and scale up these technologies for commercial use.”