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MGX Minerals and PurLucid Sign Acquisition Agreement

Spetember 15, 2016 / PurLucid and MGX Minerals have agreed to terms in which MGX will acquire an initial 50% stake in PurLucid in exchange for a CA$5 million staged investment over two years.

The Agreement also grants MGX the right to acquire a 100% interest for an additional investment of CA$ 10 million.

PurLucid has exclusive licensing to, assisted in development of, and deployed proprietary and patented technology that separates oil, to a high degree of purity, from lithium bearing brine, removing one of the major hurdles of oil field lithium brine production.

Up until now the presence of hydrocarbons in lithium brine presented a potentially significant long term hurdle to efficient large scale production of lithium from oil field brine.

PurLucid brings world class experience in oil field brine treatment engineering and will oversee the integration and commercialisation of an integrated oil separation and lithium extraction plant.

PurLucid, working with MGX and its proprietary process design for lithium extraction will engineer, fabricate and deploy combined treatment and lithium recovery plants. PurLucid's management includes some of the foremost experts in oil field wastewater management, which will augment, improve the efficiencies of MGX's already state-of-the-art lithium brine production process.