Southern Gold inks deal to purchase battery innovation firm IDT

May 31, 2023 07:39 AM ET
  • Australian mineral explorer Southern Gold Limited (ASX: SAU) unveiled an offer to acquire battery innovation firm Iondrive Technologies Pty Ltd (IDT) which has a tactical collaboration with the University of Adelaide to commercialise power storage space innovations.

The value of the offer stands at AUD 1.2 million (USD 0.78 m/EUR 0.73 m), payable in SAU stock, a statement said on Monday.

IDT is a battery materials commercialisation company that holds the initial right to acquire or get in exclusive around the world licences throughout patent-protected battery modern technologies being developed by the University of Adelaide. These innovations are organized right into 3 commercialisation prepared tasks, including water based batteries to be utilized in renewable energy settings; improved efficiency non-flammable lithium-ion based batteries; and a low-cost, environmentally sustainable method for recycling lithium batteries.

Upon conclusion, IDT will certainly be resourced as a separate and also focused organization unit. In the first one year after the purchase, the company will certainly be concentrated on advancing translation of all three technologies from the laboratory to application.

The Australian mineral traveler, which lately diversified its business to include lithium and rare earth components, stated that while the expedition company will continue to be its core focus, the acquisition supplies an amazing tactical investment opportunity in the swiftly expanding international power storage space market.

SAU further announced that it prepares an AUD-2.5-million share issue with a section of the proceeds to be utilized to finance the procurement, while the remainder will be invested in ongoing expedition tasks in South Korea.

The purchase and also the share positioning undergo shareholder approval with conclusion expected not long after approval.

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