Sonoran Desert Copper Corporation Memorandum of Understanding with Envirotek Remediation Inc
Vancouver, February 27, 2024 - Sonoran Desert Copper Corp. (TSXV: SDCU) ("SDCU'' or the "Company") is pleased to announce that the Company has executed a Memorandum of Understanding (MOU), dated February 26, 2024, with Envirotek Remediation Inc. (ETK). Under the terms of the MOU, SDCU and ETK agree to collaborate jointly on developing and commercializing proprietary ETK solutions for the Mining Industry. This includes bioleaching solutions for extracting metal from low grade ores and mining waste streams and polymer encapsulation solutions for the remediation of tailings to aggregates and other industrial end uses. Upon successful completion of the development programs and subject to the required approvals of both Parties, a special purpose vehicle (SPV) will be formed, and a shareholders' agreement will be signed by the Parties for the purpose of commercializing the ETK solutions into the Mining Industry.
ABOUT ENVIROTEK REMEDIATION
Envirotek Remediation Inc. has invested approximately CA$4.0 million into research and development and related expenditures on remediation solutions for industrial waste streams. These proprietary technologies are industrial waste stream encapsulation and bioleaching solutions. ETK's encapsulation process transforms industrial waste streams like mine tailings materials through proprietary polymerization into disposable and/or reusable materials. These outputs can then be repurposed to aggregates and other industrial end uses. ETK has also developed solutions for the bioleaching of industrial waste streams using microbes. The bacteria are stimulated in the ETK lab to promote more robust growth and utilize the industrial waste streams as a source of food and energy. ETK and SDCU operate and will continue to operate as independent companies, although certain Directors of SDCU are co-founders, investors and principals of ETK.
PRIVATE PLACEMENT FINANCING OF UNITS
As previously announced, the Company is offering up to 10,000,000 Units priced at $0.10, for aggregate gross proceeds of up to $1,000,000. Each of the Units will consist of one common share of the Company and one common share purchase warrant, with each warrant being exercisable for an additional common share at an exercise price of $0.25 for 24 months. The Warrants are subject to the right of the Company to accelerate the exercise period if, after the expiration of the 4-month hold, shares of the Company close at or above $0.50 for 10 consecutive trading days. Finders' fees in accordance with TSX Venture Exchange policies may apply to the Financing and all securities issued will be subject to a statutory four-month hold period. Proceeds from the Financing will be used for general working capital, the continuing development of the 4H Copper Project, and advancing further opportunities in the Mining Industry.
ABOUT SONORAN DESERT COPPER CORPORATION
Sonoran Desert Copper Corp. is focused on securing, developing and monetizing assets in the copper sector to build shareholder value.
On behalf of the Board of Directors of
Sonoran Desert Copper Corp.
"Brian Leeners"
Brian Leeners, CEO & Director
brianleeners@gmail.com / +1 604-862-4184 (WhatsApp)
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199471