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West High Yield (W.H.Y.) Resources Ltd. Signs Memorandum of Understanding Regarding Magenisum Metal Ingot Processing Technology License
Calgary, Alberta--(Newsfile Corp. - October 25, 2022) - West High Yield (W.H.Y.) Resources Ltd...
About this update from West High Yield (w.h.y.) Resources Ltd.
[{"type":"text","content":"West High Yield (W.H.Y.) Resources Ltd. Signs Memorandum of Understanding Regarding Magenisum Metal Ingot Processing Technology LicenseCalgary, Alberta--(Newsfile Corp. - October 25, 2022) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (\"West High Yield\" or the \"Company\") is pleased to announce that it has signed a non-binding memorandum of understanding (the \"MOU\") with Big Blue Technologies LLC (\"BBT\"), a U.S. based technology company that has developed a green process to produce magnesium (\"Mg\") ingots from magnesium oxide (\"MgO\") and Mg ores, that contemplates, among other things, working towards entering into a definitive exclusive license agreement (the \"License Agreement\") with BBT.The MOU contemplates that the License Agreement shall, among other things, grant the Company an exclusive license (the \"License\") to BBT's intellectual property to build and operate a demonstrative magnesium processing facility in Canada (the \"Demo Processing Facility\"). Upon West High Yield's successful completion of the Demo Processing Facility during the initial portion of the term of the License Agreement, the MOU contemplates that BBT will extend the exclusive License to West High Yield during the remaining term of the License Agreement in order to build, operate and/or sublicense one or more commercial magnesium processing facilities (the \"Commercial Processing Facilities\"), either by itself or through joint ventures with third parties, in North America, Central America, and South America.In consideration of BBT granting the License to West High Yield, the MOU states that the License Agreement will provide BBT with a two (2%) percent royalty on West High Yield's gross revenues derived from each of the Commercial Processing Facilities constructed by West High Yield during a specified time period to be set forth in the License Agreement.The Company will issue a news release updating this information and providing more detail on the parties and finalized terms once the License Agreement has been entered into.Frank Marasco Jr., President, and CEO of West High Yield states: \"The Company has been looking for a green and economic technology to produce magnesium metal, and we are excited about working with the BBT team on the further development of their aluminothermic reduction process using West High Yield'...