Big North Graphite (TSXV: NRT) (the "Company" or "Big North"), entered into a Property Purchase Agreement on October 14, 2016 with Trio Resources (OTC: TRII) ("Trio") to acquire its Duncan Kerr Property located in the Cobalt region of Northeastern Ontario, Canada.
As quoted in the press release:
Pursuant to the terms of the Purchase Agreement, Big North will issue to Trio 8,500,000 common shares (the "Payment Shares") in the capital of the Company at a deemed price of $0.15 per Payment Share and will pay Trio certain cash consideration which is payable over a period of 24 months from closing of the Acquisition.
The Company has also entered into a Finder's Fee Agreement with an arm's length third party. The Company will pay a finder's fee for the Acquisition in shares and/or cash within the maximum amount permitted by the policies of the TSXV.
The Company intends to change its name to "CobalTech Mining Inc." upon completion of the acquisition.
The change of the Company name to CobalTech Mining Inc. will have be subject approval of the TSXV. There can be no assurance that the Acquisition will be completed as proposed or at all.
Click here to read the full text release.