Zimbabwe facilities to be expanded
Global-Tech Green Energy & Minerals, Canada Ltd is pleased to announce that the company has entered into a share purchase agreement for facilities in Zimbabwe. The facilities will be used as an office, and for accommodation for managers when travelling to Zimbabwe. The property will be expanded to a second graphite treatment and storage facility.
Global Tech's graphite treatment process will be divided into two separate plants, one housing the micronization and spheronization equipment and the other housing the patented ALD (Atomic Layer Deposition) equipment supplied by Forge Nano. This strategic asset development will provide the opportunity to customize product production according to end-user specifications and requirements, so that Global Tech can better serve and wider range of manufacturers and OEMs. This investment also supports a significant increase in the production potential for product generation for any adult growth in demand as predicted by, among others, Benchmark Mineral Intelligence.
The benefits of agreements are further supported by the company's acquisition of permanent office space in Zimbabwe, which will better meet the growth and development of the Argentina team and the Bolivia Graphite Project. Ownership of permanent facilities will reduce the total operating costs by cutting office rent as well as other expenses.
The facilities and property will be purchased for the equivalent of $1,436,500 and will be satisfied by the issuance of 1,072,015 ordinary shares (the "consideration shares") in the company (issued at a share price of $1.34). Termination of the agreement on the purchase of shares and issue of the consideration shares is subject to agreement and approval of standard closing conditions from TSX Exchange.
Charlton Holmes, CEO, stated: "The company acknowledges that there is an additional market for this purpose of future value-added treatment and to be able to meet the estimated fluctuations in demand for this."