International Zeolite has entered into a new Amended and Restated Mining Operations and Option Agreement with Progressive Planet. The agreement stipulates that Progressive Planet will make two final quarterly payments of $31,000 each to increase its stake in the Bromley Creek Zeolite Mine to 31%. Simultaneously, the option agreement for the Sun Group Zeolite Mineral Claims will be terminated, and Progressive Planet's 2.5% ownership in the Sun Group will convert to an additional 2.5% ownership in Bromley Creek. International Zeolite will resume 100% ownership of the Sun Group Mineral Claims. The companies plan to collaborate on sales strategy and customer identification for Bromley Creek. Progressive Planet will remain the operator of the Bromley Creek Mine.
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International Zeolite Corp (IZCFF) announced a strategic investment of $2 million from CoTec Holdings Corp to boost commercialization efforts for its proprietary NEREA® technology. This investment is set to accelerate IZ's marketing and sales initiatives in agricultural sectors and construct a production facility in Ontario by March 2023. NEREA® aims to significantly reduce fertilizer costs and enhance crop yields while decreasing carbon emissions. CoTec will gain a 23.6% ownership stake in IZ upon completion of the private placement.