Magnetic North Acquisition Corp. announces that it has entered into a purchase agreement with Intergild Advanced Recycling Technologies to acquire all of the issued and outstanding shares of Intergild. Magnetic North intends to merge Intergild into the Company’s previously announced and closed investment in CXTL Recycling Canada Corp. to augment CXTL’s e-waste recycling solution. Intergild will add significant expertise and a process that allows for the selective separation of the plastic, fiber and metal components of e-waste, and the crystallization of the metals, into marketable commodities. In addition, the Agreement will add intellectual property to CXTL, and as a result, Magnetic North’s portfolio.
The integration into CXTL will create a complete e-waste recycling solution, which provides full reclamation and monetization for all parts of the e-waste stream in a low-emission system that does not require smelting or a high-energy input. Magnetic North, CXTL and Intergild have been working closely together for the last ten months in order to advance Intergild’s technology, with optimized demonstration machines operating successfully for the last four months. Independent third-party due diligence has been completed, and engineering reports have certified the process.
E-waste is one of the fastest-growing waste problems on the planet. According to the United Nations Coalition Report on E-waste, the growth and value of this waste stream presents a significant global problem, which management believes presents a significant opportunity for the Company. The report references the value of the gold in e-waste that was discarded in 2019 at an estimated US$62.5 billion, which may ultimately be doubled when e-waste’s other valuable metals and components are considered.
Andrew Osis, Co-CEO Magnetic North stated, “This combination is part of the advantages Magnetic North offers by sourcing, acquiring and integrating complementary technologies that advance the strategy of its investee companies and enhance value for all stakeholders.”
Graham Fritz, Founder and CEO of Intergild commented, “This integration will form a technologically advanced e-waste operation with significant potential to contribute to the circular economy that is essential for the planet’s future.”
John Blair, CEO of CXTL stated, “The addition of Intergild to CXTL enables greater efficiency in the processing of e-waste to fully monetize all aspects of its valuable components, adding to the ecological and economic sustainability of our e-waste solution.”