31st Dec 2017
Today is an historic day in the story of our company, as an important acquisition lays the foundation for our new future.
On 7 September 2017 Luiri Gold entered into a binding share purchase agreement to acquire Aluminium Metal Recyclers (Pty) Limited (AMR) in Pietermaritzburg, Kwa-Zulu Natal, South Africa. Concurrently, we proposed to acquire AMR’s debt to Indian Ocean Smelters (Pty) Ltd of about US$940,000.
AMR owns a melting facility which re-melts aluminium furnace dross, scrap and off-cuts primarily generated by aluminium processors or fabricators in South Africa. The facility has a total smelting capacity of 1,150 tonnes per month, and is currently permitted to process 600 tonnes per month. A new permit application to increase smelting production to 1,150 tonnes per month is expected to be approved soon.
Their newly installed capability re-melts bare scrap into sow format and recovers good quality metal units from furnace dross at competitive yields and operating costs.
AMR was established in 2016 to fill identified shortfalls in recycling capacity and quality in the region. The processing facility includes proprietary innovations to equipment and processes which reduce costs and improve recoveries.
The total purchase price is 1,248,000,000 Shares and A$1 million in cash. The acquisition was subject to a number of conditions which, as of today, have been satisfied, waived or deferred by mutual agreement.
AMR’s Douglas Timmerman has been appointed a Director of Imritec Ltd, effective today.
As part of the transaction, Luiri Gold changed its name to Imritec Limited, an abbreviation of ‘Innovative Metal Recycling & Industrial Technologies’. The new name reflects the company’s new business ambitions resulting from the acquisition of AMR.