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Southern Gold Limited (SAU) has successfully completed its acquisition of Iondrive Technologies Pty Ltd (IDT) and a concurrent placement raising gross proceeds of around $2.5 million.
IDT, now possessing exclusive licenses for three battery-related technologies developed by the University of Adelaide, is ready to engage with battery manufacturers and precursor material manufacturers for technology trials.
The completion of this deal presents potential revenue generation opportunities through the sale of battery materials, licensing of IP, commercial joint ventures and optimisation of the three technologies on a larger scale in the next 12 months thanks to IDT's funding of the University's research.
IDT has licensed three next-generation battery material technologies from the University of Adelaide, including water-based batteries, safe lithium metal batteries, and a deep eutectic solvent for battery recycling.
IDT has appointed Dr. JC Tan as General Manager to commence commercialization activities immediately following the completion of SAU's proposed acquisition of IDT.
The exclusive IP licenses and appointment of a General Manager position IDT to pursue engagement with battery manufacturers and battery precursor material manufacturers for technology trials and potential revenue generation opportunities.
Southern Gold Limited (SAU) plans to acquire battery materials commercialization company Iondrive Technologies Pty Ltd (IDT) for $1.2 million in SAU shares, subject to shareholder approval.
IDT will progress the commercial application of three battery technologies developed by the University of Adelaide, including non-flammable lithium-ion batteries, a new lithium battery recycling solvent, and high-performing aqueous batteries.
SAU aims to raise $2.5 million through a placement to fund IDT's operations and its own exploration activities in South Korea.
Southern Gold has lodged exploration license applications for five project areas in South Korea, covering a total area of 454 km2 with lithium anomalies.
Fieldwork is underway to define areas for detailed exploration and drill-target development, with a third party assessing their interest in the lithium potential of the applications.
South Korea's Ministry of Trade, Industry and Energy has included lithium among the top ten strategic minerals, and any lithium discovery by Southern Gold would likely receive strong government and industry support.