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Big North Graphite Corp. (TSXV:NRT) announced a non-brokered private placement of up to 8,000,000 units at a price of $0.05 per Unit, for gross proceeds of up to $400,000. The Company also announced it has entered into an amending agreement for the mineral property option agreement dated April 10, 2012 in respect of the Grand Lac du Nord Graphite Property. Under the terms of the Amending Agreement, the $500,000 exploration expenditures are now required to be made on or before October 31, 2014.
As quoted in the press release:
Each Unit will consist of one common share (a “Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of $0.10 for a period of two years following the closing of the Offering.
Grand Lac du Nord Property
Under the terms of the Amending Agreement, the parties have agreed to amend the Option Agreement to provide that the $500,000 exploration expenditures are now required to be made on or before October 31, 2014. The other conditions of exercise of the option under the Option Agreement remain unchanged.
Click here to read the Big North Graphite Corp. (TSXV:NRT) press release
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