Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to announce that it has entered into an agreement with the shareholders of Bright Minz Pty Ltd (“Bright Minz”), a company controlled by director, Mr Gary Johnston, for its wholly-owned subsidiary, Lepidico Holdings Pty Ltd, to acquire all of the issued capital of Bright Minz. Bright Minz is the holder of the LOH-Max® process technology which was developed for the production of high purity lithium hydroxide monohydrate from a lithium sulphate intermediate.
The consideration for the acquisition will consist of a trailing royalty in relation to any third party LOH-Max® licences entered into by the Lepidico Group following settlement of the acquisition to the current shareholders of Bright Minz and a cash payment of $10,000 (as reimbursement to the shareholders of Bright Minz for establishment costs incurred by them).
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