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One World Lithium Signs Letter of Intent to Acquire Divisional Patent Applications for Lithium Extraction Technology
VANCOUVER, BC – TheNewswire - February 21, 2023 - One World Lithium Inc. (CSE:OWLI) (OTC:OWRDF) (the “Company” or “OWL”) is pleased to announce that it has ente
About this update from One World Lithium, Inc.
[{"type":"text","content":"VANCOUVER, BC – TheNewswire - February 21, 2023 - One World Lithium Inc. (CSE:OWLI) (OTC:OWRDF) (the “Company” or “OWL”) is pleased to announce that it has entered into a Letter of Intent (the “LOI”) with MatterGreen LLC (“MG”), an arm’s length Oregon limited liability company, pursuant to which OWL and MG shall complete an assignment (the “Assignment”) of two separate divisional patent applications for Lithium Carbonation that is a lithium extraction technology using an advanced carbon dioxide injection process covered by MG’s new Non-Provisional Patent Application (the “MG Inventions”), following which Assignment OWL will be the sole and exclusive owner of the OWL Divisionals (as defined below) derived from the MG Inventions. Jack Lifton, a senior consultant in chemical processing technology, and an Advisor to the Company notes: “The lithium carbonation technology may have the lowest capital and operating costs in the Lithium extraction and refining industry; could yield more than 99.5% battery grade lithium carbonate; even in very low concentrations; have the ability to separate lithium carbonate directly from a brine; and to separate the lithium carbonate at near room temperature and moderate pressure. The OWL technology has the potential to change the lithium extraction industry and could possibly be funded from either lithium carbonate consumers or traditional private equity funds.” The two divisional patent applications are for natural brine and for slurries made from pegmatite, clay, volcanic rock and sediment (the “OWL Divisionals”). Additional patents may be filed in the future as a result of the research & development (“R&D”) work to be carried out with MG. The LOI is a non-binding agreement and sets out the principal terms on which the parties have agreed to complete the Assignment and License Back (as defined below). Subject to satisfactory due diligence and successful additional negotiations, the parties intend to enter into a definitive agreement with respect to the Assignment and License Back (the “Definitive Agreement”) within 60 to 90 days of the entry of the LOI. The Basic Terms of the LOI Pursuant to the terms of the LOI, OWL will acquire the OWL Divisions in consideration for: a 7% gross royalty (the Royalty”) payable to MG from all income received by OWL from any process, p...