Suvo Strategic Minerals Limited (ASX: SUV) has executed a non-binding term sheet with Polvine Pty Ltd (PERMAcast). The term sheet provides a 30-day exclusivity period whereby the company and PERMAcast will use their best endeavours to negotiate and execute a binding Joint Development Agreement (JDA) for the delivery of low carbon geopolymer concrete (GPC) products and projects.
The non-binding term sheet includes the following key deliverables which will form the basis of the binding JDA:
- Prepare and test a range of GPC formulations to meet concrete strength requirements of nominally 10, 20, 30 and 40 MPa, and determine maximum strength attainable;
b. characterize and assess applications/products that can utilise the different GPC strength formulations
c. Test and demonstrate suitability of different GPC formulations for different
applications/products
d. Assess cost and performance of different GPC applications/products to
determine preferred route for commercialization.
Suvo and PERMAcast propose to deliver low carbon GPC products and projects and otherwise commercialize the IP created under the JDA through the SPV Entity in which Suvo and PERMAcast will each hold 50% of the shares issued. The parties will use their best endeavors to negotiate and execute the shareholders agreement for the SPV Entity within 30 days from the date of execution of the binding JDA agreement.
The proposed JDA terms stipulate that PERMAcast will provide all the necessary capital funding required. Both parties will retain intellectual property (IP), held individually at the inception of the proposed SPV Entity (Background IP).
Any intellectual property created during the course of the JDA will be owned by the SPV Entity, acknowledging the rights of Murdoch University having licenced the IP to Suvo.
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