Big North Graphite Defaults on El Tejon Project

Big North Graphite Corp. (TSXV:NRT) announced that it’s been notified that it is in default under its property agreement for the Mexico-based El Tejon project.

The company also announced the resignation of two members of its board of directors.

As quoted in the press release:

Under the terms of the Acquisition Agreement, the company was required to make a cash payment on June 1, 2015. Pursuant to the terms of the Acquisition Agreement, Big North has 30 days from receipt of the notice to cure the default. In the event that the Company elects not to cure during the 30 day period, the vendor’s sole and exclusive remedy is limited to the return of the El Tejon property and Big North will have no further obligations or liabilities to the vendors pursuant to the Acquisition Agreement or otherwise. Management of the Company is currently considering all options available to it and will issue a further news release once a definitive decision is made.

Click here to read the full Big North Graphite Corp. (TSXV:NRT) press release.