Alchemist Mining Incorporated has announced that, further to its news releases dated June 13, 2023 and July 27, 2023, it has closed (the “Closing“) its securities exchange agreement dated June 13, 2023 with Aqueous Resources LLC, a private arm’s length limited liability company based in Denver, Colorado, USA, pursuant to which the Company acquired all of the outstanding membership interests of Aqueous from the holders of the Membership Interests in exchange for common shares in the capital of the Company . Upon Closing, Aqueous became a wholly-owned subsidiary of the Company.
Aqueous, a company existing under the laws of the State of Colorado, is the sole owner of patent pending technology for an electro-pressure membrane process and method for recovery and concentration of lithium chloride from aqueous sources (the “Technology“), and has built a complete pilot system for pre-treating, concentrating, and processing lithium enriched continental brines using their proprietary process in their laboratory facility in Denver. On May 18, 2023, Aqueous won a USD$250,000 grant from the Advanced Industries Early-Stage Capital and Retention Grant Program, a grant made through the Colorado Office of Economic Development and International Trade, designed to help Colorado-based advanced industries technology businesses develop and commercialize advanced technologies. Aqueous also received a USD$1,300,000 commitment from the U.S. Department of Energy on July 10, 2023. For details on the grant from the U.S. Department of Energy, see the Company’s press release of July 12, 2023.
Pursuant to the terms of the Securities Exchange Agreement, Alchemist acquired all the outstanding Membership Interests and as consideration issued 17,500,000 Shares, on a pro rata basis, to the Members at a deemed price equal to $0.52 per Share. Upon Closing, in accordance with the terms of conditions of the Securities Exchange Agreement, Fredrik Klaveness was appointed as a director to Alchemist’s board. Following the appointment of Mr. Klaveness, Alchemist’s board consists of Scott Taylor, Eric Boehnke, Jennie Choboter, and Fredrik Klaveness.
Following the Closing of the Transaction, Alchemist has 80,155,976 Shares issued and outstanding, of which approximately 76.9% of the Shares are held by the current shareholders of Alchemist, approximately 21.8% are held by the former Members and approximately 1.3% are held by the Finder. No change of control or creation of a new control person occurred to Alchemist as a result of the Transaction.
