China Keli Announces Results of AGM and Provides Update on Transaction with PT Hydrotech Metal Indonesia
Vancouver, British Columbia--(Newsfile Corp. - December 3, 2021) - China Keli Electric Company Ltd. (TSXV: ZKL.H) (the "Company" or "China Keli") is pleased to announce that at its annual general and special meeting held on November 30, 2021 (the "Meeting"), shareholders of the Company approved all matters brought before them, including: (i) election of Philip Lo, Alan Chan, Steven Cochrane, Sean Webster and Yee Man Cheung as directors, (ii) proposed amendments to the Company stock option plan to be effective upon the completion of the Company's previously announced proposed acquisition of the issued and outstanding shares of PT Hydrotech Metal Indonesia ("HMI", and the acquisition, the "HMI Transaction"), (iii) the voluntary delisting of the common shares of the Company from trading on the NEX Board of the TSX Venture Exchange at the discretion of the board of directors of the Company.
The Company intends to change its name to "Hydrotech Energy Metals Limited" upon the completion of the HMI Transaction, and has reserved the proposed name with the BC Registry. The Company continues to work with HMI to complete the HMI Transaction as soon as possible. Completion of the HMI Transaction is subject to a number of conditions including the voluntary delisting of the common shares of the Company on the NEX, the listing of the common shares of the resulting issuer on the CSE, and the completion of a concurrent offering.
It is expected the board of the directors of the Company will be increased to 6 directors and reconstituted upon the completion of the HMI Transaction, with the result that 2 nominees of HMI, Messrs. Richard Tandiono and Widodo Sucipto will be appointed to the board of directors. Additional information regarding Messrs. Tandiono and Sucipto were provided in the Company press release dated October 13, 2020.
About China Keli
China Keli is currently without an active business, and is listed on the NEX Board of the TSX Venture Exchange.
HMI is an emerging technology company domiciled in the Republic of Indonesia, and a subsidiary of the Trinitan group of companies. HMI's proprietary STAL Technology enables flexible and scalable processing of nickel for nickel miners and smelters in an innovative, highly efficient, and environmentally friendly manner. It operates at normal and safer atmospheric pressure and eliminates the need for expensive high-pressure autoclaves and associated infrastructure. Therefore, it has significantly lower capital intensity and lower operating costs than other current technologies while offering a net zero waste solution compared to the current controversial smelter waste disposal methods of tailings dams, deep sea tailing and dry stack tailing.
Developed over 14 years of research and development, HMI's STAL Technology is a Class 1 Nickel extraction technological breakthrough that will produce Mixed Hydroxide Precipitate ("MHP") nickel which is used in the growing nickel-based battery electric vehicle market, and which is facing an increasingly growing supply deficit. Indonesia has the largest supply of nickel laterite deposits in the world. STAL Technology allows nickel mining and smelting operations to start small and expand easily due to its modular design and is ideally suited for Indonesia's largely small-scale miners and low-grade laterite ore. A miner or smelter can install STAL modules near nickel mining operations with reduced capex and expand quickly by adding additional modules to accommodate growing nickel production. The STAL Technology can easily be applied at nickel mines and smelters in other parts of the world. HMI is also developing a Green PLUS certification program to ensure ESG compliance of all HMI's nickel products throughout its value chain of activities.
HMI was incorporated under the laws of Indonesia on August 5, 2020, and acquired the STAL Technology from PT Trinitan Metals and Minerals Tbk.
The Trinitan group of companies is a global and socially conscious family-owned operation that spans across multiple public and private entities that are involved in the metals and minerals, energy storage and solar and renewable energy segments in Indonesia and around the world.
Forward Looking Statements
This release includes forward-looking information within the meaning of Canadian securities laws regarding the Company and HMI and their respective businesses, which may include, but are not limited to, statements with respect to the completion of the HMI Transaction, the terms on which the Transaction is intended to be completed, the ability to obtain regulatory and shareholder approvals, the proposed name change and board composition of the Resulting Issuer, and other factors.
Often but not always, forward-looking information can be identified by the use of words such as "expect", "intends", "anticipated", "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would" or "will" be taken, occur or be achieved. Such statements are based on the current expectations and views of future events of the management of each entity, and are based on assumptions and subject to risks and uncertainties. Although the management of each entity believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect.
Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and neither the Company nor HMI undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information, please contact:
CHINA KELI ELECTRIC COMPANY LTD.
Philip Lo, Chief Executive Officer
Tel. No.: (852) 5138 1632
Completion of the HMI Transaction is subject to a number of conditions, including, if applicable, TSX Venture Exchange and CSE acceptance. There can be no assurance that the HMI Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular or listing statement prepared in connection with the HMI Transaction, any information released or received with respect to the HMI Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The CSE has neither approved nor disapproved the contents of this news release.
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