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JV Agreement on Direct Lithium Extraction Bolivia
JV Agreement on Direct Lithium Extraction Bolivia.
About this update from Clontarf Energy Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n 28th March 2023\n \n \n \n \n \n \n \n \n Clontarf Energy plc\n \n \n \n \n (\"Clontarf\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n Joint Venture Agreement on Direct Lithium Ion Extraction Technology in Bolivia.\n \n \n \n \n \n \n \n \n Clontarf Energy plc (AIM: CLON) is pleased to\n announce that it has elected to proceed with the\n NEXT-ChemX\n Bolivian joint venture, and therefore has executed the formal\n Contractual Partnership Agreement with NEXT-ChemX Corporation (\"NEXT-ChemX\"), which supersedes the 'Heads of Agreement' announced on 15 February 2023. \n \n \n \n \n \n The purpose of this 50:50 joint venture (the \"JV\") is to demonstrate the technical, commercial and environmental feasibility of NEXT-ChemX's ion-Targeting Direct lithium Extraction (\"iTDE\") technology in Bolivia. The JV will hold exclusive rights to deploy and commercialise NEXT-ChemX's iTDE technology in Bolivia, and is governed by the laws of the State of Texas.\n \n \n \n \n \n Under applicable laws, the JV will, in coordination with the Bolivian authorities, sample, test, and potentially produce lithium salts.\n \n \n \n \n \n The initial priority of the JV is to confirm the technical, commercial and environmental feasibility of the technology in a pilot plant to be constructed in Austin, Texas. Under contractual arrangements to be agreed with the Bolivian authorities under applicable law, and subject to securing the necessary further funding, the JV plans to deploy a pilot plant in Bolivia in partnership with the State Lithium Company, YLB. \n \n \n \n \n \n Clontarf is separately in discussions with lithium brine developers outside of Bolivia regarding potential partnering arrangements. \n \n \n \n \n \n \n Further details on the formation of the JV\n \n \n \n \n \n \n \n \n NEXT-ChemX will provide US$500,000 proof of funds to Clontarf, and Clontarf is to pay NEXT-ChemX US$500,000 towards testing and the pilot plant construction, and as an exclusivity fee for the use of the NEXT-ChemX's iTDE's technology in Bolivia.\n \n \n \n \n \n Clontarf is also required to issue to NEXT-ChemX 385 million new ordinary shares in the capital of Clontarf (\"Ordinary Shares\"), of which half will be subject to a 12 month lock in re...