Modifies Payment Terms with Nippon Gas (TYO:8174)
Melbourne, Aug 19, 2014 AEST (ABN Newswire) - Clean TeQ Holdings Ltd (
ASX:CLQ) and Nippon Gas Co Limited (TYO:8174) have agreed to modify the payment terms for Clean TeQ to purchase Nippon's 50% share of the Associated Water Joint Venture (which is focused on water applications in the Australian coal seam gas industry) and Nippon's 85% share of the Clean World Japan Joint Venture (which is commercialising Clean TeQ's scandium recovery technology).
The terms of the purchase were advised to the ASX on 13 January 2014.
Payments to Nippon Gas for their interests in Associated Water and Clean World Japan were to be $1 million in August 2014 and $1milion in May 2015.
The parties have agreed to modify this to an initial $100,000 payment by Clean TeQ to Nippon this month with a further $2.3million payment in September 2015.
Nippon is a 5.7% shareholder of Clean TeQ ordinary shares.
The agreement will allow Clean TeQ to preserve cash while it advances a number of important growth initiatives it has planned in the water and minerals resource recovery sector.
Clean TeQ CEO Cory Williams said; "We are thankful that Nippon shares our excitement about upcoming projects and has been supportive of Clean TeQ's growth initiatives."
About Clean TeQ Holdings Limited
Clean TeQ Holdings Limited (ASX:CLQ) is a world leader in water treatment and resource recovery technology and the Australian leader in biological air purification. Clean TeQ develops technologies in-house and partners with leading technology suppliers worldwide.
The Company offers a range of business models to potential clients including licensing our technology, building and commissioning complete installations (both transportable and fixed), and building and operating installations in joint ventures, in return for a share of revenues generated through resources recovered. Clean TeQ will also acquire mining assets where its technologies can make exploitation of uneconomic ore bodies or re-processing of tailings profitable.
For more information about Clean TeQ please visit the Company's website
| ||
|
