Big North Graphite (TSXV:NRT) announced that it had converted all debt associated with the $250,000 of unsecured convertible notes. The company also announced that it sold 260 tons of amorphous graphite from its project in Sonora, Mexico.
According to the press release:
Big North entered into a binding letter agreement on August 29, 2014 with Flinders Resources Limited (“Flinders”) under which Flinders will acquire all of the issued and outstanding common shares of Big North by way of a plan of arrangement under the Business Corporations Act (British Columbia). As per the Company’s agreement with Flinders (see news release dated September 2, 2014), the Convertible Notes were to be converted or redeemed as a condition of closing of the arrangement. Flinders and Big North are currently completing due diligence in relation to this transaction.