Big North Graphite (TSXV:NRT) announced it had excercised its option to acquire a 100 percent interest in the Grand Lac du Nord graphite property in eastern Quebec from Zimtu Capital Corp. and three of its prospective partners. As part of the option, Big North previously issued an aggregate of 3 million common shares, paying $80,000 and incurring $150,000 in exploration expenditures.
According to the press release:
As consideration for the exercise of the Option, Big North previously issued an aggregate of 3,000,000 common shares of the Company, paid $80,000 and incurred $150,000 in exploration expenditures. The optionors will retain a 2% net milling royalty on the property, 50% of which can be purchased by Big North for $1,000,000.