Lepidico Ltd (ASX:LPD) has completed the acquisition of all of the issued capital of Bright Minz Pty Ltd.
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, without production of sodium sulphate, thereby reducing capital and operating costs versus conventional process technologies.
The acquisition of LOH-Max® brings all the process technologies employed by the Phase 1 Project under the Lepidico umbrella, thereby streamlining the process for future third party licences.
In addition to a $10,000 cash reimbursement, the consideration for the acquisition consists of a trailing royalty in relation to third party LOH-Max® licences entered into by Lepidico.
The Lepidico group retains the right to use LOH-Max® royalty free.
Shares in Lepidico Ltd (ASX:LPD) are trading 11.11 per cent lower at 1 cent.