NNRF, Inc. (OTCMKTS:NNRI) announced on March 30, 2023 about signing a Definitive Agreement with Zeolite Australia Pty, Ltd, an Australian corporation. The previous Binding Letter of Intent dated January 31, 2023, has been replaced, which mentioned acquiring a 51% interest in Zeolite Australia with an option to purchase the remaining shares over the next five years.
NNRF Signs Definitive Agreement to Acquire Zeolite Australia
There are numerous mining locations of Zeolite Australia in several stages of development with zeolite reserves in excess of 25 million tons. Australian zeolite is very hard, and measures a 7 on the Mohs scale, making it equivalent to the hardness of quartz. That is why the reserves are a vital component in the development of a circular green economy allowing it to be used for many different projects.
Tomi Holden, CEO of NNRF, stated that Zeolite Australia is an important first step for the company for growing a profitable business in a green circular economy. They have multiple properties that when scaled will have a significant impact on water, waste, energy and agriculture, among other things. NNRF and Zeolite Australia are hopeful of completing all of the regulatory, financial and legal documentation within the next couple of months. Gerard Stephen, Managing Director of Zeolite Australia, will join the NNRF board as an invited observer and Tomi Holden, will join the Zeolite Australia board as the same.