Austpac Resources N.L. announced the execution of an investment agreement with Bergen Global Opportunity Fund II, LLC, a New York-based institutional investor managed by Bergen Asset Management, LLC.
Under the agreement, Bergen will make an initial investment of A$500,000 immediately and will invest a further A$500,000 in 90 days, each by way of an interest-free unsecured converting security with a 24-month maturity.
The funds will be used to complete the testwork program which commenced in 2017 at Austpac’s Newcastle facilities. This will demonstrate that the unique, four-stage ZIRP process can combine iron and zinc oxide-rich furnace dusts with spent pickle liquor from the steel industry and commercially produce pig iron, zinc oxide and strong hydrochloric acid. Australian steelmakers are interested in the success of the program and are supplying sufficient quantities of feedstock for the testwork.
At the conclusion of the program, Austpac plans to convert the plant to a facility capable of processing up to 15,000tpa of steel furnace dusts on a commercial basis and to continue to progress the development and licencing of its proprietary technology.
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