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(Alliance News) - Clontarf Energy PLC on Friday said all conditions for its joint venture agreement with NEXT-ChemX Corp have now been satisfied.
Clontarf Energy is a lithium and oil & gas exploration and production company focused on South America and Africa. Its shares closed down 5.8% to 0.12 pence each in London on Friday.
In February, Clontarf Energy announced the heads of agreement for a potential 50:50 joint venture with NEXT-ChemX. It said the agreement would cover testing, marketing and deployment of NCX's patent pending direct lithium-ion extraction technology in Bolivia.
NCX is a Los Angeles, California-based ion extraction technology developer. The company's technology mimics biophysical processes to induce ions to cross a membrane barrier, and has proved effective in laboratory testing.
On Friday, Clontarf said it has paid NEXT-ChemX USD500,000 and will now proceed with the issue of 385 million new Clontarf shares to NEXT-ChemX.
"Part of the transaction is the current and future swapping of shares between Clontarf Energy plc and NEXT-ChemX companies," said Chair David Horgan.
"We are also considering ways to extend Clontarf's upside potential beyond our promising Bolivian joint venture.
"Lithium demand continues to grow, as are purity requirements in the Lithium-ion battery industry. Recent discussions in Asia reinforced our belief in market demand, particularly for environmentally-friendly and cost-efficient Lithium from brines."
By Sophie Rose, Alliance News reporter
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