Iofina PLC - Terms for IO#8 Finalised - Construction Commences
("Iofina", the "Group", or the "Company")
(LSE AIM: IOF)
Terms for IO#8 Finalised; Construction commences with immediate effect
Continuing in-line with Iofina's growth strategy, the Company has completed an agreement with a new brine supply partner for the location of IO#8 and construction of this new plant is set to commence immediately. The Group's recent fundraise has provided the necessary resources to accomplish this new phase of increased iodine production for the Company and the approximate
IO#8, will be a brand new IOsorb® plant and will contribute to the Company's production of iodine in H1 2020. Whilst this new location in
Commenting, President and CEO Dr.
"The Board is delighted to announce the finalisation of terms for Iofina's newest iodine production plant, IO#8. With the support of our new brine supply partner, the Company will begin construction immediately. The new plant will be brought online in the first half of 2020, with the Company benefitting from increased iodine production rates thereafter.
"The construction of IO#8 demonstrates that we are continuing to execute on our growth plans in an expanding iodine market. Through IO#8 we now have active working agreements with three different brine suppliers. It is encouraging to report that companies in the oil and gas industry are finding value in partnering with Iofina and utilising our IOsorb® technology to remove iodine from their brine stream. We look forward to updating the market on the progress of IO#8 in due course."
CEO & President
Tel: +44 (0)20 3006 3135
Tel: +44 (0)20 7220 0500
Tel: +44 (0)7544 275 882
Iofina Resources develops, builds, owns and operates iodine extraction plants using Iofina's WET® IOsorb® technology. Iofina currently operates four producing IOsorb® plants in
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This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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