Brady McCasland, Inc. completed the acquisition of Iron Oxide Assets from Applied Minerals, Inc. for $1.86 million.
August 10, 2022
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Brady McCasland, Inc. entered into an agreement to acquire Iron Oxide Assets from Applied Minerals, Inc. (OTCPK:AMNL) for $1.86 million on May 31, 2022. The net proceeds from the sale of the Iron Oxide Assets will significantly improve AMI's liquidity position, allow it to fund the continued growth of its current halloysite business and continue the development of its halloysite clay for use in lithium-ion battery applications. Upon the closing of the sale of the Iron Oxide Assets, (i) approximately $1.8 million of accrued but unpaid fees and related compensation will be relinquished by the Company's current directors, (ii) Mario Concha, John Levy and Robert Betz will resign as directors of AMI, (iii) Brady McCasland will have the right to nominate a number of directors that comprise one-third of the Board of Directors of AMI; and (iv) the maximum number of directors elected to AMI's Board of Directors will be limited to five. Standard conditions must be met by AMI and the buyer of the Iron Oxide Assets for the transaction to close. As part of the close of the sale of the Iron Oxide Assets, BMCO was issued 20 million restricted shares of common stock of AMI and BMI was granted the right to nominate a number of directors that comprise one-third of the Board of Directors of AMI.
Brady McCasland, Inc. completed the acquisition of Iron Oxide Assets from Applied Minerals, Inc. (OTCPK:AMNL) on August 11, 2022.
Applied Minerals, Inc. owns the Dragon Mine in central Utah. From the mine the Company extract, process or has processed by a third party, halloysite clay and iron oxide for sale to a range of end markets. The Company markets the minerals directly and through distributors. It is also engaged in research and development and frequently works collaboratively with customers, consultants, distributors; and a third-party processor to process and enhance its halloysite clay products to improve the performance of its customersâ existing and new products. Its halloysite clay, which the Company markets under the DRAGONITE trade name, is an aluminosilicate mineral with a hollow tubular shape. DRAGONITE can utilize halloysiteâs shape, high surface area, and reactivity to add significant functionality to a number of applications. The Companyâs iron oxide, which it markets under the AMIRON trade name, sales for use in cement, as well as an absorbent for hydrogen sulfide gas contained in natural gas.