Progressive Planet Solutions Inc (CVE:PLAN) (OTCMKTS:ASHXF) announced news Thursday that it has sold its early-stage intellectual property relating to sulphur lithium battery research to SuperCap Technologies Corp.
Progressive Planet is a mineral exploration company that is focused on industrial minerals, with its flagship Z1 Zeolite Quarry in British Columbia, and a 100% interest in the Buckingham Graphite Project in Quebec.
The company said the selling price was C$97,500 and includes a 2% royalty on any resulting sales made by SuperCap if it successfully commercializes the intellectual property.
Progressive Planet said the move enables it to recoup its first-year financial expenditures on the project, while also providing potential upside through the royalty agreement, without any additional investment.
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"Since the technology is not yet proven on a commercial basis, Progressive Planet was faced with two more years of financial commitments to InnoTech Alberta, the entity completing the research," noted the firm in a statement. "The research is currently early stage and additional capital would have been required to commercialize and protect this intellectual property on top of the financial commitments to InnoTech Alberta."
The move means Progressive Planet has sold its last remaining lithium interest and allows the company to focus on its zeolite operations. The zeolite producer aims to responsibly extract and process zeolite and create value added products using Z-1 natural clinoptilolite zeolite solutions.
The firm also noted it has completed the sale of its interest in the Thompson Brothers Lithium Property, in consideration for 10,500,000 shares of Snow Lake Resources.
Shares of Progressive Planet were at C$0.04 on Thursday.
Contact Katie Lewis at katie@proactiveinvestors.com