Dominion Water Signs Definitive Agreement With Aquanor for Unique 13 ppm Silicim Rich Mineral Water Source
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MONTREAL, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Dominion Water Reserves Corp. (“DWR” or the “Company”) (CSE:DWR), is pleased to announce that further to its August 18, 2020 news release, it has entered into a definitive share purchase agreement (“Agreement”) dated October 26, 2020 with Aquanor Inc. (“Aquanor”) pursuant to which DWR will acquire all of the issued and outstanding securities of 11973002 Canada Inc., a wholly owned subsidiary of Aquanor, thereby owning a 100% interest in the St-Joseph de Coleraine water source (the “Acquisition”).
The aggregate consideration payable by DWR in connection with the Acquisition is $650,000, which is comprised of the following: (i) a $150,000 deposit, which has been paid by DWR concurrently with the signature of the Agreement; (ii) the issuance of an aggregate of 714,286 common shares in the capital of DWR, at a deemed price of $0.35 per share (the agreed upon price at the time of the signature of the letter of intent on August 18, 2020), representing a value of $250,000, to Aquanor at the closing of the Acquisition; (iii) the payment of the sum of $150,000 to Aquanor at the closing of the Acquisition; and (iv) the payment of the sum of $100,000 to Aquanor on March 1, 2021.
The closing of the Acquisition is subject to, among other things, the receipt of regulatory approvals, the final transfer of the interests comprising the St-Joseph de Coleraine water source, and the entering into of a definitive 25-year water sale contract with Aquanor upon the terms and conditions previously disclosed, namely to sell the specialised water, reflecting $0.005 per liter for the first 5 years, $0.01 per liter for the following 5 years; $0.015 per liter for the subsequent 5 years $0.02 per liter for the then following 10 years. After 25 years, the price per liter would be subject to an annual increase based on the Canadian consumer price index.
With 71 million litres per year of permitted extraction volume this source located in Saint Joseph de Coleraine features 13 ppm silicium content, a unique water quality that is very sought after in the specialty water market. Silica also known as silica dioxide is a compound from silicon molecules and oxygen, Silica boasts bone-strengthening qualities: One of the big benefits of silica is its ability to strengthen your bones. The compound is essential for controlling the flow of calcium in and out of our bones, assisting with proper bone maintenance. Both human and animal models have shown that silica supplementation can directly improve the integrity of your bones and also reduces their fragility. Silica improves collagen production: Studies have shown that silica can help to form the building blocks of collagen, a protein found in your skin, cartilage, blood, muscles and ligaments that helps to keep your skin elastic. It also helps to provide crucial protection and structure to various organs and joints in your body. Collagen can also help reduce the appearance of wrinkles while also strengthening your nails and hair follicles.