Vancouver, B.C.: Prime Meridian Resources Corp. (“Prime” or the “Company”) (TSX-V Symbol: PMR) is pleased to announce that it has contracted with Nexvu Oil and Gas Inc. (“NOG”) as the Company’s testing, research and development partner. The initial scope of the relationship will cover the testing of the Company’s titanium and silica sources with additional test work on specific sustainable and waste materials as proppants. Once patent applications have been filed, details will be announced.
The Agreement provides a 10% Royalty to NOG on the Company’s sales of developed materials as proppants and a 50/50 split on revenue from third parties from sales of developed materials as proppants.
“This is another step in building our Company and the opportunity to work with the depth of experience in our consulting team in the development of new materials for proppants will add the proprietary knowledge base from which our Company can scale its growth rapidly.” stated CEO Brian Leeners.
Prime Meridian is focused on the development of minerals and other basic materials for the production of hydraulic fracturing proppants.
Principal Technical Consultants
I. (Lucky) Lakshmanan (Ph.D., FCAE., MIMM., FCIM): Dr. Lakshmanan is an internationally renowned scientist, innovator, entrepreneur and teacher in the area of technologies for sustainable development. He has more than 40 years of hands-on experience in technology development and commercialization, having successfully guided process technologies from concept through development and demonstration to commercialization for energy (including renewable energy), resources and chemical (including specialty chemical) industries. Dr. Lakshmanan has consistently identified and developed innovative applications in technology commercialization. Born and educated in India, Dr. Lakshmanan obtained his Ph.D in Chemistry from Bombay University and moved to Canada in 1974 after serving as Lecturer in Minerals Engineering at the University of Birmingham, UK. His corporate experience includes roles in Noranda, Eldorado Nuclear, ORTECH Corporation and Process Research ORTECH, the last of which he founded and guided to become a global leader in sustainable process technologies through its laboratory and pilot plant. He has extensive client contacts and relationships at senior levels with major international corporations, as well as academic and government sectors globally. He is an Adjunct Professor at the University of Toronto. Dr. Lakshmanan is a Fellow of the Canadian Academy of Engineering and Fellow, Canadian Institute of Mining, Metallurgy and Petroleum and holds numerous patents.
Ramamritham (Ram) Sridhar (Ph.D., DIC, FCIM): Dr. Sridhar has over 40 years of experience in non-ferrous and ferrous process evaluation, selection, flowsheet development, flowsheet improvements, increasing process efficiency, smelter evaluation and smelter improvements. His expertise includes technology evaluation, development and implementation and providing innovative solutions to plant problems. Dr. Sridhar obtained his Ph.D in Metallurgy from the Indian Institute of Science, followed by a DIC in Metallurgy from Imperial College, London, UK. As group leader and later section head of pyrometallurgy at INCO, he developed new processes which are described in 21 US and Canadian patents. He has been the Managing Director of Indian Steel Rolling Mills, Chennai, India, where he was responsible for increasing the annual production from 18,000 to 60,000 tons, and Director, India Company Limited as well as consultant to major mining and metallurgical companies. Dr. Sridhar is an Adjunct Professor at the University of Toronto. He is a Fellow, Canadian Institute of Mining, Metallurgy and Petroleum and holds numerous patents.
Champak Bhaumik (P.Eng, APEGGA, APEGS, SPE): Mr. Bhaumik has been developing hydraulic fracking techniques for horizontal wells, producers & injectors since 2002. Application of these fracking technologies has been carried out for multiple multi-national oil and gas companies in North America and overseas. Mr. Bhaumik was a key participant in the development of the Surgifrac techniques in North America and is well versed in the selection and use of proppants for hydraulic fractures. Mr. Bhaumik has been working in the oil and gas sector as a Production optimization expert for the past 44 years.
Ram Ramkumar (B.Tech, MBA): Mr. Ramkumar has held CFO, VP Operations and GM positions at Reff Incorporated, a manufacturer of high end furniture. Subsequently, he was CEO and a shareholder of Inscape Corporation, overseeing the growth of its annual revenue from $20 million to $170 million. Both companies went public on the TSE. He is also a principal shareholder of ASL Group, a maker of pressure sensitive labels for the consumer products industry, as well as Vice-Chairman and principal shareholder of Children’s Television Workshop, operating franchises in North America to teach children science and technology. He is a former member of the Board of Toronto Rehabilitation Institute and has been a member of the Board of Cedara Software and Angoss Software.
Prime has appointed Michael Dehn as President of the Company. Mr. Dehn has over 20 years of experience in the mining industry. His expertise ranges from grassroots to advanced mineral exploration and development, with extensive experience in the marketing and financing of junior resource companies, as well as new exploration and mineral processing technologies. Upon obtaining a Bachelor of Science degree from the University of Waterloo in 1993, Mr. Dehn began his career in the sector working as an exploration geologist with Goldcorp Inc., where he later became the senior geologist. He is the past president, chief executive officer and a director of Argex Mining. Mr. Dehn has been an officer and a director of multiple publicly traded mining companies.
Prime will continue the Company’s non-brokered private placement of up to 5.0 million units at a price of ten cents per unit ($0.10) to raise proceeds of up to $500,000. Each unit consists of one common share and one common share purchase warrant (the “Unit Warrants”) with each Unit Warrant entitling the holder to acquire one additional common share at a price of 50 cents ($0.50) per share for one year from closing. The Unit Warrants are subject to the right of the Company to accelerate the exercise period for the Unit Warrants if the common shares of the Company trade above 60 cents ($0.60) for a period of 10 consecutive trading days. The proceeds of the private placement will be allocated toward general working capital purposes.
The Company may pay finders’ fees on the private placement proceeds to certain parties in accordance with the policies of and subject to the approval of the TSX Venture Exchange.
On behalf of the Board of Directors of
Prime Meridian Resources Corp.
Neither the 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.