Applied Minerals Raises $1.64 Million for Commercialization of Its DRAGONITE and AMIRON Products
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Applied Minerals, Inc. has raised $1.64 million in capital to fund the continued commercialization of its DRAGONITE™ and AMIRON™ products.
Management believes that this round of funding provides the company ample runway to bridge a number of high value near-term commercial opportunities in its pipeline, particularly within the catalyst and oil and gas markets.
The financing was led by Fimatech LTD, one of Japan’s leading specialty minerals producers and distributors, serving the paints, coatings, adhesives, plastics, composites, rubber, concrete admixtures and related markets. Applied Minerals and Fimatech have recently entered into an agreement in which Fimatech agreed to represent Applied Minerals as its exclusive sales distributor of DRAGONITE halloysite clay products for the Japanese market.
“This financing is a testament to the conviction that our board of directors, as well as our long-term shareholders, have in the company’s expanding business prospects. In addition, we are excited to have received our first ever investment from a strategic business partner, Fimatec. Since entering into our agreement, several promising commercial projects have been introduced and are currently in progress in Japan. We look forward to the future of our partnership and welcome them as a key stakeholder in our organization,” said Andre Zeitoun, president and CEO of Applied Minerals.
About Applied Minerals
Applied Minerals is the leading producer of halloysite clay and advanced natural iron oxide solutions from its wholly owned Dragon Mine property in Utah. Halloysite is aluminosilicate clay that forms naturally occurring nanotubes. In addition to serving the traditional halloysite markets for use in technical ceramics and catalytic applications, the company has developed niche applications that benefit from the tubular morphology of its halloysite. These applications include carriers of active ingredients in paints, coatings and building materials, environmental remediation, agricultural applications and high-performance additives and fillers for plastic composites. Applied Minerals markets its halloysite products under the DRAGONITE™ trade name.
From its Dragon Mine property, the company also produces a range of ultra-pure natural iron oxides consisting of hematite and goethite. Combining ultra-high purity and consistent quality, the inherent properties of the iron oxide from the Dragon Mine allow for a wide range of end uses in pigment and technical applications. Applied Minerals markets its comprehensive line of advanced natural iron oxide pigments under the AMIRON™ trade name.
To stop by Applied Minerals’ website, CLICK HERE
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