Item 1.01 Entry into a Material Definitive Agreement.
On February 10, 2021, the registrant ("Altair") entered into a License and
Royalty Agreement (the "License Agreement") with St-Georges Eco-Mining Corp.
("SX") and St-Georges Metallurgy Corp. ("SXM") under which Altair has received a
perpetual, non-exclusive license from SX of its lithium extraction technology
for Altair to develop its lithium bearing prospects in the United States and
SXM's EV battery recycling technology for which Altair has agreed to act as
exclusive master agent to promote the licensing and deployment of the EV battery
recycling technology in North America. Altair has agreed to provide SX with a
net revenue interest royalty on all metals and minerals extracted (the
"Products") and sold from Altair's mineral interests in the United States and SX
has agreed to provide Altair with a 1% trailer fee on any royalty received by SX
from the licensing of the SX EV battery recycling technology to each licensee of
the SX EV battery recycling technology referred by Altair or Altair's
sub-agents. Altair will pay a royalty of 5% of the net revenue received by
Altair for sales of Products using the lithium extraction technology which
decreases to 3% of the net revenue on all payments in excess of US$8,000,000 of
production on an annualized basis.
The foregoing description of the License Agreement does not purport to be
complete and is qualified in its entirety by reference to the License Agreement
which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Altair issued a press release announcing the License Agreement. A copy of the
press release is filed as Exhibit 10.2 to this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
10.1 License and Security Agreement dated February 10, 2021 among Altair
International Corp., St-Georges Eco-Mining Corp. and St-Georges
10.2 Press Release dated February 16, 2021
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