CoTec Holdings Corp. Announces Investment in Green Steel Project in Midwestern U.S. - Seite 3

Following its restart, Plant 4 is expected to be able to produce DR grade iron ore concentrate at a reduced carbon footprint compared to traditional steel production techniques as it will recycle existing tailings rather than require new mining. In addition, MagIron is testing technology developed by Binding Solutions Limited ("BSL"), another CoTec portfolio investment, to see if it could be utilized at Plant 4 and the initial results are encouraging. If successful, the BSL technology would allow for the use of cold agglomeration in the production of green iron ore pellets from Plant 4. These pellets could be used in direct reduced iron and electric arc furnace applications at a significantly reduced carbon footprint compared to existing alternatives.

Larry Lehtinen, CEO of MagIron commented: "We are delighted to have a visionary investor like CoTec join MagIron. Through its Board representation and ongoing strategic guidance, CoTec will assist in developing the business via initiatives like the introduction of the BSL technology."

Kings Chapel International Limited, a company owned by a discretionary trust associated with Mr. Treger, currently owns a minority equity interest in MagIron and will be making a concurrent US$2.5 million investment in MagIron on the same terms as CoTec. Mr. Treger is also a member of MagIron's board of managers. As a result, Mr. Treger abstained from any decision-making pertaining to the MagIron investment.

About CoTec

CoTec is an ESG-focused company investing in innovative technologies that have the potential to fundamentally change the way metals and minerals can be extracted and processed. The Company is committed to supporting the transition to a lower carbon future for the extraction industry, a sector on the cusp of a green revolution as it embraces technology and innovation.

CoTec is a publicly traded mining issuer listed on the Toronto Venture Stock Exchange and trades under the symbol CTH.V

For further information, please contact:

Braam Jonker - [phone]

Forward-Looking Information Cautionary Statement

Statements in this press release regarding the Corporation's and MagIron's businesses and the Corporation's investment in MagIron which are not historical facts are "forward-looking statements" that involve risks and uncertainties, including statements relating to management's expectations with respect to MagIron's acquisition, development and operation of Plant 4 and the potential application of the BSL technology to Plant 4 and the benefits to the Corporation which may be implied from such statements. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. For further details regarding risks and uncertainties facing the Corporation please refer to "Risk Factors" in the Corporation's filing statement dated April 6, 2022, a copy of which may be found under the Corporation's SEDAR profile at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: CoTec Holdings Corp.

View source version on accesswire.com:
https://www.accesswire.com/701489/CoTec-Holdings-Corp-Announces-Invest ...