MGX Minerals increases holding in PurLucid to 60%

Nov 15, 2018

2018-11-15 07:22 ET – News Release

Mr. Jared Lazerson reports

MGX MINERALS INCREASES OWNERSHIP TO 60% IN CLEANTECH AND LITHIUM EXTRACTION PARTNER PURLUCID TREATMENT SOLUTIONS

MGX Minerals Inc. has increased its ownership stake in engineering partner PurLucid Treatment Solutions Inc. to 60 per cent. This ownership increase was recently approved by PurLucid shareholders under phase 5 of the investment agreement through the issuance of 1,001,000 common shares of the company (see press release dated Jan. 25, 2018).

NFLi-5 plant deployment update

MGX reports that installation and testing of a commercial-scale five-cubic-metre-per-hour (750 barrels per day) NFLi-5 petrolithium and advanced waste water treatment system are now complete. Revenue from environmental processing of evaporator blowdown waste water (EBD) will commence next week with lithium extraction of postprocessed clean water to follow shortly thereafter. Three additional (two at 10 cubic metres per hour and one at 20 cubic metres per hour) systems will be deployed, approximately every other month, during the first half of 2019. Additional systems may be added to this schedule as additional waste water treatment, petrolithium, geothermal and natural mineral brine projects and customers come on line.

Rapid Lithium Brine Extraction Technology

MGX has developed a rapid lithium extraction technology eliminating or greatly reducing the physical footprint and investment in large, multiphase, lake-sized, lined evaporation ponds, as well as enhancing the quality of extraction and recovery across a complex range of brines as compared with traditional solar evaporation. This technology is applicable to petrolithium (oil and gas waste water), natural brine and other brine sources such as lithium-rich mine and industrial plant waste water. The technology was recently chosen as winner of the Base and Specialty Metals Industry Leadership award at the 2018 S&P Global Platts Global Metals Awards held in London in May (see press release dated May 18, 2018). The company has also been selected as a finalist for the 2018 S&P Global Platts Global Energy Awards — emerging technology and rising star — to be held in New York in December.

About PurLucid

PurLucid’s exclusively licensed and patented nanoflotation technology was designed specifically for oil field environments. The technology separates impurities from oil and gas waste water and produces clean water as a final product. This allows for the recycling or controlled release of oil field waste water and reduces or eliminates downhole and associated transportation costs. Water handling costs are one of the largest operating costs in the oil field and oil sands operations today.

About MGX Minerals Inc.

MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America.

We seek Safe Harbor.

https://www.mgxminerals.com/investors/news/2018.html