India Project Receives Approval from NLC India
Melbourne, Nov 15, 2018 AEST (ABN Newswire) - Environmental Clean Technologies Limited (
ASX:ECT) (ECT or Company) is pleased to advise that the board of NLC India Limited (NLCIL) has approved the Research Collaboration Agreement (RCA) for the Company's India project.
Key points:
- RCA approved by NLCIL
- NMDC Limited (NMDC) board approval expected to follow shortly
- Request to extend Voluntary Suspension
The Company recently entered Voluntary Suspension (13 November 2018), following an earlier Trading Halt (9 November 2018), pending the outcome of board meetings by its India project partners to consider approving the signing of the RCA.
NLCIL held its board meeting as scheduled yesterday (14 November 2018) and have confirmed that their board has provided the anticipated approval.
NMDC held their board meeting on 13 November 2018, however, consideration of the RCA approval was deferred due to the unexpected absence of the Director sponsoring the project. ECT is currently in discussion with NMDC to confirm whether the proposal will proceed via a circular resolution or an additional board meeting during this month. This process is not expected to result in material delays as NMDC have previously provided in-principle approval subject to NLCIL board approval, which is now in hand.
ECT Chairman Glenn Fozard commented, "We're extremely pleased to have received NLCILS's approval and look forward to NMDC following suit shortly.
"Once NMDC have formalised their approval to sign the RCA, we'll release an overview of the commercial terms and the expected timing for the signing ceremony, followed by our revised revenue model, ahead of the AGM on 30 November."
The Company requests that the Voluntary Suspension be extended until Friday 16 November.
About Environmental Clean Technologies Ltd
Environmental Clean Technologies Limited (ASX:ECT) bridges the gap between the current high emission reality and the zero-emission world of the future. ECT's technology aims to play a key role in the transitional pathway to net zero by utilising abundant low rank and waste fuel sources in a new, clean way. ECT's technology suite creates clean and reliable applications and products for the energy, agricultural and industrial sectors.
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