Proactive Investors - EnviroMetal Technologies (CSE:ETI) announced that it has completed the closure of its electronic waste processing facility, EnviroCircuit, along with the sale of related equipment and surplus assets.
The company said the EnviroCircuit closure marks an important milestone in its previously-announced strategy to focus on developing a high margin business through licensing its patented metal recovery technology to gold miners.
EnviroMetal noted it realized more than C$1 million in net proceeds from equipment sales related to the closure of EnviroCircuit, the proceeds from which have funded ongoing operations and deferred the need for an equity financing.
It added that the closure of EnviroCircuit will allow the company’s management team to focus on its core business of licensing the EnviroMetal Process while significantly reducing costs.
The elimination of EnviroCircuit related expenses is expected to reduce the company's burn rate by about $85,000 per month compared to 2022, which EnviroMetal stated will enable it to allocate capital from future financings directly to commercializing the EnviroMetal Process through demonstration programs, licensing agreements, and expanding the client pipeline.
EnviroMetal Technologies (CSE:ETI, OTCQB:EVLLF) is in the business of commercializing environmentally friendly and highly effective precious metal recovery technologies.
The company's proprietary non-cyanide, water-based, neutral pH and closed-circuit treatment process has been proven to extract precious metals from ores and concentrates at lab and pilot scale.