International Zeolite and Progressive Planet Finalize Win/Win Amendment Agreement
Combining a proven zeolite deposit with production and processing to increase zeolite product development and sales
Vancouver, British Columbia--(Newsfile Corp. - August 3, 2022) - International Zeolite Corp. (TSXV: IZ) (OTC: IZCFF) (FSE: ZEON) (the "Company"), an international producer and marketer of zeolite products that provide green solutions for key environmental issues, is pleased to announce finalization of its amended agreement with Progressive Planet Solutions Inc (PLAN) to purchase a 50% interest in the Company's Bromley Creek zeolite deposit. The amended agreement creates a systematic payment schedule over the next 5 years.
"We are excited to expand our relationship with Progressive Planet," says Ray Paquette, CEO of International Zeolite. "The purchase of 50% of the Bromley Creek deposit allows increased production and further development of zeolite products for the benefit of both our companies and provides regular quarterly payments to International Zeolite. This Agreement signifies PLAN's serious commitment to developing the zeolite market. It's a win-win agreement to address the ever-growing demand for natural zeolite."
The amended agreement outlines the payment details for the 50% interest for $725,000. $101,933.76 has already been paid to International Zeolite, with PLAN now holding a 7.03% interest in the Bromley Creek zeolite deposit, located in British Columbia. The remaining $623,006.24 is payable in 20 equal quarterly installments to March 2027, for the remaining 42.97% interest. In addition, International Zeolite will receive a net royalty payment of $4.50 per metric tonne of product mined and removed from the mine.
The amended agreement also formalizes the option granted by International Zeolite to PLAN to acquire up to a 50% interest in a separate group of mineral claims known as the "Sun Group" also located in British Columbia, for an additional purchase price of $725,000.00, exercisable until July 26, 2027. To date, PLAN has acquired a 2.5% interest, and to maintain the Sun Group option in good standing will contribute up to $50,000 per annum towards exploration costs. 50% of this contribution amount will be credited to the Sun Group option price.
IZ continues to be well-positioned to deliver on its mission, delivering solutions for pressing environmental issues using natural zeolite products. International Zeolite has integral research partnerships with world class research facilities. These collaborative relationships propel us forward in using zeolite-infused product solutions across a number of industries.
On Behalf of the Board
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Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated work programs and the timing and amount of expenditures. International Zeolite does not assume the obligation to update any forward-looking statement. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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