Altair Enters Binding Agreement for Advanced Lithium Extraction and Processing Technologies
December 01 2020 - 9:00AM
Altair International Corp. (the
“
Company” or “
Altair”) (OTC:
ATAO) is pleased to announce that it has signed a Binding Agreement
(the “
Agreement”) with
St-Georges
Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1)
(“St-Georges”) a Canadian public company on the
cutting edge of developing new technologies to solve some of the
most common environmental problems in the mining industry. Under
the terms of the Agreement, St-Georges has agreed to provide access
to its patent pending lithium processing technology for lithium
mineral deposits and to jointly develop with Altair a patentable
electric vehicle battery recycling industrial process.
Altair recognizes that global Electric
Vehicle (EVs) market is accelerating and that batteries are the
heart of this powerful economic engine. The battery marketspace is
projected to reach over US$90 Billion by 2025 and Altair is rapidly
positioning itself within the exploration, development, end use and
the recycling of the most important element of the new array of
battery technologies, Lithium.
The Stonewall Lithium Project
Under the Agreement, the Company has agreed that
St-Georges will be granted a 5% royalty stream for the use of
St-Georges unique extraction technology for the optimized
commercial output of Altair’s Nevada Lithium property during the
production phase. St-Georges had previously signed a similar
agreement with the nearby project of Iconic Minerals and a portion
of the royalty stream will also be assigned under that active
agreement.
The Stonewall Lithium Project covers 1,260 acres
strategically located within Nye County and Esmeralda County just
within the neighboring valley southeast to Clayton Valley, the only
Lithium producer in Nevada.
Battery Recycling
At the heart of this Agreement, the parties will
establish a mutually beneficial partnership for the commercial
implementation and output of battery recycling technology.
The race to develop newer and better batteries
is still ongoing, but even with new batteries and better
Lithium-ion efficiency for electronics and EVs, there is a limit to
battery life and the Lithium battery recycling market is a key
opportunity. Expected to grow to over 12 Billion in 2025, the North
American recycling market is viewed by analysts to experience
massive growth.
St-Georges technical team have already advanced
their techniques in purification and selective Lithium recovery and
now, with Altair, are ready to create a pilot program for Lithium
in Battery recovery. Both companies will contribute equally to the
battery recycling research & development effort and to the
design and construction of a battery recycling industrial
pilot-plant circuit in a contracted installation in Québec,
Canada.
Conditions of the
Agreement
In return for the access to the lithium
processing technology and as part of their contribution in the
development of patentable intellectual property in regard to
Lithium Battery Recycling, Altair will issue 2,000,000 shares to
St-Georges at signature of this Binding Agreement. The Company has
further committed to 2 subsequent shares issuance of 2 million
shares each, the first at the filing of a joint patent application
in regards to the battery recycling R&D effort and the second
issuance at the start of an Industrial Pilot Plant demonstrator of
the battery recycling process. If all milestones are completed, a
total of 6 million common shares of Altair will be issued in favor
of St-Georges.
Altair will also make a total of US $300,000
cash payments to St-Georges towards the construction and
development of the battery recycling pilot program, comprised of a
first payment of US $150,000 on or before April 1st 2021 and a
second payment of US $150,000 on or before August 1st 2021.
The parties have agreed to enter into a long
form Definitive Agreement on or before February 5, 2021 and both
companies expect to issue additional information in the coming
weeks regarding the joint battery recycling technology development
effort.
Leonard Lovallo, President of Altair, commented
that “We believe that the lithium extraction and purification
processes which St. Georges has developed has the potential to
reshape the economics of the lithium mining sector, and we are
incredibly excited to have partnered with them on this
endeavor. As the demand and marketplace for lithium continues
to expand with the ever-increasing popularity of EV vehicles across
the globe, the scope and applications of the technologies which we
are partnering with St. Georges on will only increase.”
About Altair: Altair
International Corp (OTC Markets: ATAO) is a diversified holding
company whose strategy is to acquire interests in a range of
profitable ventures within the Energy and Minerals sector.
info@altairinternationalcorp.com+1 412-770-3140
Forward-Looking Statements:
This press release may contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, such as statements relating to financial
results and plans for future development activities and are thus
prospective. Forward-looking statements include all statements that
are not statements of historical fact regarding intent, belief or
current expectations of the Company, its directors or its officers.
Investors are cautioned that any such forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties, many of which are beyond the Company's ability to
control. Actual results may differ materially from those projected
in the forward-looking statements. Among the factors that could
cause actual results to differ materially from those indicated in
the forward-looking statements are risks and uncertainties
associated with the Company's business and finances in general,
including the ability to continue and manage its growth,
competition, global economic conditions and other factors discussed
in detail in the Company's periodic filings with the Security and
Exchange Commission.
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