Environmental Clean Technologies Enters Binding Agreement to Acquire Terrajoule

MT Newswires Live

Sep 25

Environmental Clean Technologies (ASX:ECT) entered into a binding agreement to acquire 100% of the issued shares in Terrajoule from third-party sellers for 73.3 million fully-paid ordinary shares and 66.7 performance rights as consideration, according to a Thursday Australian bourse filing.

Terrajoule holds an exclusive option with Texas-based Rice University to license the institution's flash joule heating technology for the purpose of remediating soil contaminated by perfluoroalkyl and polyfluoroalkyl substances, as well as heavy metals.

Laboratory studies demonstrated over 96% defluorination efficiency and 99.98% removal of perfluorooctanoic acid for the technology.

The completion of the deal is subject to the satisfaction of conditions precedent, including Terrajoule entering into a formal binding license agreement with Rice University on certain terms and conditions.

Environmental Clean Technologies received binding firm commitments from sophisticated, professional, and institutional investors to raise AU$3 million through a two-tranche placement of a total of 50 million shares at an issue price of AU$0.06 apiece.

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