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Big North Graphite Corp. (TSXV:NRT,OTC:BNCIF) announced the acquisition of all shares of Grafito de Mexico, S.A. de C.V., registered owner of the El Tejon property, held by the Vendors. Big North made the acquisition thru payment of US$1,700,000 and issuing 12,500,000 common shares to the Vendors.
As quoted in the press release:
Pursuant to the terms of the Agreement, Big North acquired all of the issued and outstanding shares held by the Vendors in Grafito by paying US$1,700,000 and issuing 12,500,000 common shares to the Vendors as follows:
- US$30,000 upon signing the LOI as a non-refundable deposit (which payment has been made);
- US$30,000 within 5 business days of signing the Agreement (which payment has been made);
- US$90,000 upon the 6 month year anniversary of signing the Agreement;
- US$100,000 upon the 12 month year anniversary of signing the Agreement;
- US$100,000 upon the 18 month year anniversary of signing the Agreement;
- US$125,000 upon the 24 month year anniversary of signing the Agreement;
- US$125,000 upon the 30 month anniversary of signing the Agreement;
- US$150,000 upon the 36 month year anniversary of signing the Agreement;
- US$150,000 upon the 42 month year anniversary of signing the Agreement;
- US$400,000 upon the 48 month year anniversary of signing the Agreement;
- US$400,000 upon the 60 month year anniversary of signing the Agreement;
- 5,000,000 common shares within 5 business days of TSX Venture Exchange (“TSXV”) approval of the Agreement (the “Effective Date”); and
- 7,500,000 Big North Shares on the 12-month anniversary of the Effective Date.
In addition, the Vendors will retain a 3% net profits interest royalty with respect to the El Tejon Property.
Big North President & CEO, Spiro Kletas, said:
In announcing the closing of this acquisition, we are looking forward to fast-tracking the addition of flake graphite production and sales to Big North with the El Tejon Project. It is the Company’s goal to be one of the first TSX Venture listed companies to produce and supply flake graphite to market.
Click here to read the Big North Graphite Corp. (TSXV:NRT,OTC:BNCIF) press release
Click here to see the Big North Graphite Corp. (TSXV:NRT,OTC:BNCIF) profile.