THETFORD MINES, QC, Dec. 21, 2018 /CNW Telbec/ - Mazarin Inc. (MAZ.H) and subsidiary Asbestos Corporation Limited (AB.H) announce that Asbestos Corporation has subscribed to additional shares of KSM Inc. as part of the latter's second financing round. This subscription increases Asbestos Corporation's investment to close to $75,000.
KSM Inc. is a privately-owned company based in Thetford Mines whose objective is to commercialize an innovative process for the production of fertilizers. The developed technology uses potash and sulfuric acid to produce potassium sulphate (SOP) and potassium and magnesium sulphate (SOPM), two high-end fertilizers. Hydrochloric acid is also produced as a by-product. The requisite magnesium may be found in the chrysotile tailings present in large quantities in the Thetford Mines area.
The financing round totalling $2.5 million initiated by KSM will allow it to build and operate a demonstration plant. The major objective of this plant is to migrate the process from a batch mode to a continuous mode, to fine tune the closed-loop process and to generate sufficient samples to be used for tests in fields. Several strategic partners are involved with the project including Sustainable Development Technology Canada which has announced a $992,000 grant. KSM also filed a demand with the Fonds de diversification économique de la MRC des Appalaches for a $600,000 interest-free loan.
KSM's ultimate objective is to construct and operate in the Thetford Mines area a commercial scale plant capable of producing 55,000 tons/year of fertilizers.
FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements that address future events and conditions, which are subject to various risks and uncertainties. Actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Corporation's control. These factors include: general market and industry conditions, risks related to commissioning, to continuous operations and to commercialization of new technologies and other risks disclosed in the Corporation's filings with Canadian Securities Administrators.
Forward-looking statements are based on the expectations and opinions of the Corporation's management as of the date of this press release. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
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.
SOURCE Société Asbestos Ltée
For further information: John LeBoutillier, President, Tel. (office) : 418 338-3669, Email : [email protected]