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Alkemy (TSXV:AKMY) signs agreement to expand into Europe

Industrial
TSXV:AKMY
21 January 2022 13:45 (EDT)

Alkemy (K.B. Recycling Industries Ltd.) (AKMY) has agreed to purchase oceansix GmbH from RAM.ON Finance GmbH.

Alkemy is an environmental technology company based in Israel that developed a unique plastic recycling process for plastic bags and sheets traditionally not considered economically viable for recycling.

Alkemy and oceansix will focus on the development, production, and sale of plastic products for a variety of uses that are extracted from plastic films.

Alkemy will issue 20,295,037 shares to RAM.ON Finance.

If all required milestones of the agreement are satisfied, RAM.ON finance will issue a maximum of 148,166,312 shares.

The agreement will include a lock-up period of three years governing the sale of the shareholders’ holdings in Alkemy.

Also, a right of first refusal is available to each shareholder regarding off-market sales of 10 per cent of holdings between the end of the lock-up period and the fifth anniversary of the closing.

RAM.ON Finance intends to appoint industry experts to the board.

Alkemy (K.B. Recycling Industries Ltd.) (AKMY) is down 1.66 per cent and is trading at $0.29 per share as of 1:38 p.m. EST.

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