MGX Minerals Increases Ownership Stake in Cleantech Engineering Partner PurLucid Treatment Solutions to 51%
VANCOUVER, B.C., Jan. 25, 2018 (GLOBE NEWSWIRE) -- MGX Minerals Inc. (“MGX” or the “Company”) (CSE:XMG) (FKT:1MG) (OTCQB:MGXMF) is pleased to report the Company is exercising its option to acquire an additional 5% ownership interest in engineering partner PurLucid Treatment Solutions (“PurLucid”) from existing shareholders in exchange for 1 million MGX shares. The Phase IV investment agreement share option exercise increases MGX’s ownership in PurLucid to 51%. The Company maintains the right to acquire 100% through successive future investments.
Since announcing an acquisition and engineering partnership agreement in September 2016, MGX and PurLucid have invented new technology and filed patent applications related to brine treatment and selective lithium recovery. PurLucid’s licensed nanoflotation technology, which purifies wastewater brine, has since been integrated with a newly developed lithium recovery process. MGX holds the global rights to the jointly developed lithium extraction technology. MGX and PurLucid are now commissioning the first 750 barrel per day system, with flow testing expected to be completed shortly.
About PurLucid
PurLucid’s exclusively licensed and patented nanoflotation technology was designed specifically for oilfield environments. The technology separates impurities from oil and gas wastewater and produces clean water as a final product. This allows for the recycling or controlled release of oilfield wastewater and reduces or eliminates downhole and associated transportation costs. Water handling costs are one of the largest operating costs in the oilfield and oilsands operations today. Learn more at www.purlucid.com.
About MGX Minerals
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America. Learn more at www.mgxminerals.com.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
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Contact Information
Jared Lazerson
President and CEO
Telephone: 1.604.681.7735
Web: www.mgxminerals.com