New Western Energy Corp (OTCMKTS:NWTR) entered into a purchase deal with Fodere Titanium Limited to acquire exclusively patent license developed by a English Engineering University. The patent license is for the extraction of minerals to be done from Mining Tailings in the U.S.
New Western Energy Corp (OTCMKTS:NWTR), an independent energy firm engaged in exploration, development, acquisition and production of gas, oil and other minerals in the U.S., announced about its deal with the U.K based company. Fodere holds the exclusive rights to extraction techniques designed together with a renowned English university. It permits for the zero waste recovery of high-purity vanadium, high-grade titanium dioxide, high carbon steel and many other high-grade elements from either direct mineral deposits or tailings stockpiles.
The agreement between New Western and Fodere sets forth the main terms of the deal related to the sale of shares of common stocks of the company. Also, it involves a 49% interest in New Western Mineral Extraction, Inc., a wholly-owned subsidiary arm of the company. The exchange will be done for a 10%interest in the revenue from use of patent worldwide by Fodere Titanium other than the U.S. Also, it will be in exchange for the amount by Fodere of an exclusive patent license for extraction from tailings in the U.S.
The FODERE process was formulated by the ‘School of Chemical and Process Engineering’ It is a segment of famous English engineering university. It permits for extraction with considerable yield of low-grade titanium from ores and tailings. As of now, it is not possible by the two other extraction methods operating in the market. Moreover, the process is associated with lower energy costs and less usage of raw materials. FODERE holds exclusive rights to the proprietary process used in commercial operations worldwide. The process is subject to certain experimental and financial obligations in coming years.