NetworkNewsBreaks – MGX Minerals Inc. (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) Exercises Option to Expand Ownership Stake in PurLucid Treatment Solutions
Diversified resource and technology company MGX Minerals Inc. (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) this morning announced that it is exercising its option to acquire an additional five percent ownership stake in engineering partner PurLucid Treatment Solutions. The PurLucid shares, purchased from existing shareholders, will be acquired in exchange for one million MGX shares. Following the phase IV investment agreement share option exercise, MGX’s ownership in PurLucid will total 51 percent, and the company maintains the right to acquire 100 percent of PurLucid 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. MGX holds the global rights to all jointly developed lithium extraction technology.
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