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ENPAR assigns right to earn exclusive worldwide license for its ExtrEL technology for nickel sulphide tailings to Dundarave Resources Inc.
ENPAR assigns right to earn exclusive worldwide license for its ExtrEL technology for nickel sulphide tailings to Dundarave Resources Inc..
About this update from Current Water Technologies Inc
[{"type":"text","content":"\n\n\n\nGUELPH, ON, Oct. 4 /CNW/ - ENPAR Technologies Inc. (TSX-V: ENP) ("ENPAR")\nis pleased to announce that it has entered into a definitive patent and\ntechnology license agreement (the "Agreement") with Dundarave Resources Inc.\n(TSX-V: DDX) ("Dundarave"). The Agreement provides Dundarave with an option to\nacquire an exclusive worldwide license to ENPAR's ExtrEL leaching technology\nand all related intellectual property as it relates to the recovery and\nextraction of nickel and associated by-products that are contained in nickel\nsulphide tailings. In order to exercise the option Dundarave must make capital\nexpenditures of up to $3,200,000, grant a $5,000,000 royalty, and issue\n8,000,000 common shares, each instalment of which shall be subject to a four\nmonth hold period, to be released as follows:\n\n\n(a) 1,300,000 common shares upon the receipt of TSX Venture Exchange\n approval in connection with the transaction;\n\n(b) 1,700,000 common shares upon completion of an optimization and\n design program (which will culminate in the design of the test\n pilot plant) and the identification and acquisition of, or a\n joint-venture involving, a suitable nickel sulphide tailings\n deposit for on-site testing, each to the satisfaction of both\n parties;\n\n(c) 2,000,000 common shares upon completion of the construction of the\n test pilot plant to the satisfaction of both parties; and\n\n(d) subject to ENPAR first executing a license agreement or other\n document, in a form reasonably satisfactory to Dundarave, for a\n perpetual unencumbered, irrevocable grant of the licensed rights\n to Dundarave (the "Irrevocable License"), 3,000,000 common shares\n upon completion of the test pilot plant and the successful\n recovery of a similar percentage of nickel from the sulphide\n tailings so demonstrated during the optimization and design\n program; provided, however, if such successful recovery of nickel\n from sulphide tailings is not achieved within six months from the\n completion of construction of the test pilot plant: (a) Dundarave\n may, at its discretion, issue to ENPAR the 3,000,000 common shares\n at any time up to 12 months from the completion of construction of\n the test pilot plant subject to ENPAR providing the Irrevocable\n License, and (b) the parties may conduct joint-resear...