Verde Resources, Inc. Signs Material Definitive Agreement
Ticker: VRDR · Form: 8-K · Filed: Jul 1, 2024 · CIK: 1506929
| Field | Detail |
|---|---|
| Company | Verde Resources, Inc. (VRDR) |
| Form Type | 8-K |
| Filed Date | Jul 1, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $750,000, $100,000, $50,000, $62,500 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, new-contract
TL;DR
Verde Resources just signed a big deal, details TBD.
AI Summary
Verde Resources, Inc. entered into a Material Definitive Agreement on June 27, 2024. The filing does not disclose the specific terms or parties involved in this agreement, only that it is a significant definitive agreement.
Why It Matters
This filing indicates a significant new contract or partnership for Verde Resources, Inc., which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty regarding its impact on the company.
Key Players & Entities
- Verde Resources, Inc. (company) — Registrant
- June 27, 2024 (date) — Date of earliest event reported
- Nevada (jurisdiction) — State of incorporation
- St. Louis, MO (location) — Principal executive offices
FAQ
What is the nature of the Material Definitive Agreement?
The filing does not specify the nature of the Material Definitive Agreement, only that it was entered into on June 27, 2024.
Who are the parties involved in the Material Definitive Agreement?
The filing does not disclose the names of the other parties involved in the Material Definitive Agreement.
What is the effective date of the Material Definitive Agreement?
The earliest event reported, which includes the entry into the Material Definitive Agreement, is dated June 27, 2024.
Where are Verde Resources, Inc.'s principal executive offices located?
Verde Resources, Inc.'s principal executive offices are located at 2 Cityplace Drive, Suite 200, St. Louis, MO 63141.
What is Verde Resources, Inc.'s fiscal year end?
Verde Resources, Inc.'s fiscal year ends on June 30.
Filing Stats: 690 words · 3 min read · ~2 pages · Grade level 12.8 · Accepted 2024-07-01 07:59:16
Key Financial Figures
- $750,000 — spring 2027. The Company has committed $750,000 to support the Project, with an initial
- $100,000 — the Project, with an initial payment of $100,000 upon execution of the Agreement, follow
- $50,000 — ment, followed by quarterly payments of $50,000 from September 2024 to March 2025, and
- $62,500 — from September 2024 to March 2025, and $62,500 from June 2025 to September 2026. Item
Filing Documents
- vrdr_8k.htm (8-K) — 23KB
- vrdr_ex101.htm (EX-10.1) — 7KB
- vrdr_ex101img39.jpg (GRAPHIC) — 134KB
- vrdr_ex101img38.jpg (GRAPHIC) — 163KB
- vrdr_ex101img37.jpg (GRAPHIC) — 235KB
- vrdr_ex101img36.jpg (GRAPHIC) — 244KB
- vrdr_ex101img35.jpg (GRAPHIC) — 184KB
- vrdr_ex101img34.jpg (GRAPHIC) — 214KB
- vrdr_ex101img33.jpg (GRAPHIC) — 236KB
- vrdr_ex101img32.jpg (GRAPHIC) — 224KB
- vrdr_ex101img31.jpg (GRAPHIC) — 291KB
- vrdr_ex101img30.jpg (GRAPHIC) — 257KB
- vrdr_ex101img29.jpg (GRAPHIC) — 314KB
- 0001640334-24-001034.txt ( ) — 3578KB
- vrdr-20240627.xsd (EX-101.SCH) — 6KB
- vrdr-20240627_lab.xml (EX-101.LAB) — 13KB
- vrdr-20240627_cal.xml (EX-101.CAL) — 1KB
- vrdr-20240627_pre.xml (EX-101.PRE) — 8KB
- vrdr-20240627_def.xml (EX-101.DEF) — 2KB
- vrdr_8k_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement On June 27, 2024, the Company entered into an agreement with The National Center for Asphalt Technology at Auburn University ("NCAT") to undertake a 3-year Performance Testing Project titled "Structural Capacity of Sustainable Pavement." The Project, led by Dr. Nam Tran, Associate Director and Research Professor at NCAT, will involve comprehensive performance testing on the NCAT Test Track in Opelika, Alabama. This facility, sponsored by various state Departments of Transportation (DOTs) and in partnership with the Minnesota Road Research Facility (MnROAD), is dedicated to advancing sustainable pavement technologies. The NCAT Test Track will be constructed in the summer of 2024 to evaluate cutting-edge technologies co-developed by the Company and Zym-Tec. These innovations utilize enzymes to treat expansive soils and stabilize marginal base materials, potentially reducing or eliminating the need for carbon-intensive materials such as hydrated lime and Portland cement. Additionally, integrating biochar from biomass pyrolysis into enzyme-treated pavement materials is expected to improve performance, substantially reduce greenhouse gas (GHG) emissions, and sequester carbon dioxide. This pioneering approach is projected to generate Carbon Removal Credits upon completion of the test track installation, proving the viability of this next-generation blueprint for net-zero road construction. The Company is confident in its Verde-ZymTec technology and aspires to attain the highest level of certification from NCAT. Success in this Project is expected to drive widespread adoption of a net-zero road construction blueprint by DOTs across the United States and the federal DOT. Additionally, the substantial Carbon Removal Credits generated will create a significant and separate revenue stream for the Company. The Project commences on June 24, 2024, and concludes on September 30, 2027, with the first draft of the final repo
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits The Agreement between Verde Resources, Inc. and The National Center for Asphalt Technology at Auburn University is attached hereto as Exhibit 10.1. 10.1 Agreement between Verde Resources, Inc. and The National Center for Asphalt Technology at Auburn University 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. VERDE RESOURCES, INC. /s/ Jack Wong Jack Wong Chief Executive Officer Date: July 1, 2024 3