- Geolithic was established in January of 2017 as a joint venture between TriLateral and Sixth Wave
- Sixth Wave has acquired 100 per cent of the issued and outstanding common shares of Geolithic
- The company announces that it has re-negotiated the settlement of debt outstanding in the amount of US$333,218
- A final amount of $83,304 plus interest is to be repaid in September 2022
- As a result of the re-negotiation, the company has reduced its current liabilities by a total of $333,218
- Sixth Wave is a nanotechnology company with patented technologies that focus on the extraction and detection of target substances
- Sixth Wave (SIXW) is down 2.38 per cent, trading at C$0.41 per share at 12 pm ET
Sixth Wave (SIXW) is pleased to announce an amendment to the Option Agreement with TriLateral Energy LLC and the acquisition of Geolithic Corp.
Geolithic was established in January of 2017 as a joint venture between TriLateral and Sixth Wave to exploit the latter's technology for the extraction of lithium from geothermal brines located primarily in the Salton Sea area of California.
The Salton brines are renowned for their elevated levels of lithium and represent one of the largest untapped sources of lithium in the world.
Pursuant to the original 2017 agreement, TriLateral held 60 per cent of the outstanding shares of Geolithic, with Sixth Wave holding 40 per cent. Sixth Wave has acquired 100 per cent of the issued and outstanding common shares of Geolithic.
To date, Sixth Wave has made the first payment in the amount of US$75,000 and payment in the amount of US$10,000 towards the second payment. The remaining balance of US$215,000, has been settled by issuing 800,000 common shares of Sixth Wave.
Lithium is a key material for certain types of batteries and is receiving increased interest as electric and hybrid-electric vehicles see increased market penetration.
Traditional processing techniques involve the use of evaporation ponds where lithium-rich brines are pumped into brine holding facilities, and water is naturally evaporated by the sun and air.
The resultant concentrate is then harvested and post-processed to yield lithium carbonate. The process can take up to 18 months and has come under fire as concerns grow over the depletion of the water table and disposal of waste products.
"While our primary focus had been centred on the Salton Sea brines, the company has had a growing interest in its patent-pending technology and our prototype extraction media from other brine and hard rock sources of lithium. Moreover, the growing use of lithium in a range of batteries supporting the automotive, electric grid, and solar/wind power industries brings into focus the need not only to mine new lithium but also to recycle lithium. Battery recycling, in particular, is an application for our existing designs that lacks some of the complexities of the mining side and for which our technology may be uniquely suited and cost-effective.
With the completion of this deal the company will be free to exploit the interest it has developed over the past year," notes Dr. Jonathan Gluckman, President and CEO of Sixth Wave.
The company announces that it has re-negotiated the settlement of debt outstanding in the amount of $333,218. A total of $166,609 has been settled by the issuance of 667,335 common shares.
A total of $83,304 has been repaid. A final amount of $83,304 plus interest is to be repaid in September 2022. As a result of the re-negotiation, the company has reduced its current liabilities by a total of $333,218.
The company reports that it has engaged Lion Capital Investment Limited for the provision of consulting and marketing services. Lion will provide general consulting services and will provide marketing services under the trade name Wallstreet Investor Club. The company has paid Lion a total of $150,000 for a 12-month contract, with further payments in the amount of $250,000 for digital advertising.
The company is in the process of establishing a Disclosure Policy with respect to marketing initiatives primarily focused on investors. Further to this effort, the company reports that it entered into service agreements with Investing News Network for the provision of marketing and lead generation at a cost of $50,000 and with Mountain Capital Corp on September 15, 2020, at a cost of $100,000 for the provision of digital marketing services.
Sixth Wave is a nanotechnology company with patented technologies that focus on extraction and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs).
Sixth Wave can design, develop and commercialize MIP solutions across a broad spectrum of industries. The company is focused on nanotechnology architectures that are highly relevant for the detection and separation of viruses, biogenic amines, and other pathogens, for which the company has products at various stages of development.
Sixth Wave (SIXW) is down 2.38 per cent, trading at C$0.41 per share at 12 pm ET.