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ZEO raises $1.7m to advance Zeolite project - TechInvest Magazine Online

Written by Staff Writers | Jan 6, 2021 8:54:04 AM

Zeotech Limited (ASX: ZEO) has received firm commitments to raise $1.7 million through a placement to sophisticated and professional investors.

Proceeds from the Placement will be used to advance Zeotech’s strategy to produce high value Type A molecular sieve synthetic zeolites, which achieve prices in excess of A$2,850 per tonne, using the company’s novel and proprietary mineral processing technology, developed by the University of Queensland (UQ).

Proceeds of the Placement will primarily be applied to:

  • Further advancing the company’s zeolite pilot plant programme;
  • Fund $500,000 Intellectual Property (“IP”) assignment fee2 required to be paid to UniQuest, which has agreed to assign all its rights, title, and interest in, and to, the licensed IP3 regarding patent-pending mineral processing technology for the manufacturing (synthesising) of zeolites; and
  • Further expand research opportunities to enhance and develop diverse commercial applications of the novel and proprietary mineral processing technology i.e., Zeotech and UQ are in the later stages of planning a synthetic zeolite carbon capture research programme.

Managing Director, Peter Zardo, said the company was delighted by the overwhelming long-term investor support for the placement.

“Which strengthens our balance sheet and enables focus on accelerating outcomes of our pilot plant program, scheduled to commence within the next 30 days.”

Zeolites play an important role in a cleaner and safer environment.

  • zeolites are an effective substitute for harmful phosphates in powder detergent, now banned in many parts of the world because of blue green algae toxicity in waterways;
  • as catalysts, zeolites increase process efficiencies = decrease in energy consumption;
  • zeolites can act as solid acids and reduce the need for more corrosive liquid acids;
  • zeolites adsorbent capabilities see them widely used in water treatment i.e., heavy metal removal including those produced by nuclear fission; and
  • as redox catalyst sorbents, zeolites can help remove exhaust gases and CFC’s.

https://zeotech.com.au/