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- Sunrise Energy Metals (SRL) is planning to take full ownership of its graphene oxide membrane development joint venture company, NematiQ
- The company will acquire its remaining interest in NematiQ from Ionic Industries for roughly $2 million worth of fully paid shares
- As a result, NematiQ will become a wholly owned subsidiary of Associated Water, a Sunrise Energy Metals company
- In related news, the company has scheduled a meeting to seek shareholder approval for the demerger of its water business
- Sunrise Energy Metals is up 0.19 per cent and trading at $2.70 per share
Sunrise Energy Metals (SRL) plans to take full ownership of its graphene oxide membrane development joint venture company, NematiQ.
In 2018, Sunrise and Ionic Industries partnered up and established NematiQ to develop graphene oxide (GO) membranes for water treatment applications. The company initially had a 75-per-cent stake in the joint venture, before increasing its interest to 83.2 per cent in 2020.
Since 2018, NematiQ has developed a process for manufacturing GO, which can be applied to a membrane support to create a graphene oxide-based nanofiltration membrane (GO-Membrane). The GO-Membrane manufacturing process has already been demonstrated on commercial-scale industrial equipment.
Sunrise has reached an agreement with Ionic, under which it will acquire the remaining 16.8 per cent interest in NematiQ which it doesn’t currently own. This will consist of 116,667 shares, as well as a shareholder loan of $340,000 which NematiQ owes to Ionic.
In consideration, Sunrise will issue 740,741 of its fully paid, ordinary shares, worth roughly $2 million combined, to Ionic. Ionic has agreed to a voluntary escrow of the Sunrise shares until September 30, 2021.
As a result of the acquisition, NematiQ will become a wholly owned subsidiary of Associated Water, a Sunrise Energy Metals company
In related news, Sunrise Energy Metals has scheduled a meeting to seek shareholder approval for the demerger of its Water Business. The meeting is scheduled for the second quarter of the 2021 calendar year, with a goal to implement the demerger in the third quarter.
The company’s proposed demerger would occur through a spin-out of the Water Business, by way of a capital return. This capital return would consist of a pro-rata in-specie distribution of shares in Clean TeQ Water to Sunrise shareholders.
If the proposed demerger proceeds, NematiQ will be a part of the demerged Water Business within the Clean TeQ Water group of companies.
Sunrise Energy Metals is up 0.19 per cent, trading at $2.70 per share at 10:32 am AEST.
