MGX Minerals Appoints Patrick Power as CEO
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MGX Minerals Inc has named Patrick Power, the founder and finance VP of Western Potash Corp, its new CEO.
While at Western Potash, Power was responsible for raising roughly C$200 million and arranging the sale of the company.
In addition to his background with industrial minerals such as potash and lithium, Power has experience in solution mining and the extraction of minerals from fluid. He is also knowledgeable on the subject of renewable energy storage, namely redox flow batteries.
MGX also announced the appointment of Jared Lazerson as chairman. Both men have been approved to join the company’s board, effective immediately.
In other news, MGX has called a meeting of the company’s shareholders in response to a requisition it received on March 6 from certain shareholders. The meeting is scheduled for June 30.
The board said it believes that the actions of the dissident shareholders are without merit and will force the company to incur unnecessary expenses and distraction.
PENNSYLVANIA PETROLEUM
MGX announced that the commissioning and operation of its first commercial rapid lithium recovery system at an environmental wastewater facility in Pennsylvania has ceased
The company had a lithium extraction technology agreement with PurLucid Treatment Systems, but the CEO of that company claims to have unilaterally cancelled the deal unilaterally, MGX said.
As a result, MGX has requested plans for repayment of the roughly C$10 million invested to date. MGX owns 64 percent of PurLucid and has begun a search for a new CEO for the company.
DAWSON ARBITRATION
A US$773,426.29 arbitration was awarded in favor Dawson Geophysics Inc in regard to planned geophysical survey and pre-survey work on its formerly optioned Utah Petrolithium, the company said. Dawson received an unpaid invoice of US$183,728.85, a 5 percent surcharge of US$9,186.44, lost profits of US$580,511
MGX called the award “egregious” and argued that the claimant provided no proof of actual losses. The company also took issue with the addition of the lost profits, as they were not part of the original claim and pushed the total over the US$400,000 arbitration limit.
MGX plans to appeal the decision.
Source: Proactive Investors
About MGX Minerals
MGX Minerals is leading the transition from fossil fuels to renewables through investments in battery commodities, extraction processes and clean technologies.
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