Caribou King to Gain 63-percent Stake in Aukam Graphite Project

Caribou King Resources Ltd. (TSXV:CKR,OTCBB:CBULF) announced that it’s signed an agreement to acquire Micron Investments Pty Ltd., which has an option to acquire a 63-percent interest in the Namibia-based Aukam graphite project.
The company also said that it’s set to start Phase 2 work at its Buckingham project in the upcoming weeks.
As quoted in the press release:

Infrastructure at the Aukam Graphite project is good with access to the site possible throughout the year. The site is relatively close to a main tar road plus has a national power grid that passes two kilometers from the property. Water is available in large amounts from underground aquifers with an old pump station at the foot of the mountain which was used previously to supply operations with water.
Terms of the deal call for Caribou to issue 3.5 million shares to arms-length vendors and incur up to $1.1 million in expenditures over an eighteen month timeframe with the year one cash commitment being approximately $125,000.
The shares shall be issued upon closing of this transaction and released for trading on the following schedule: the first 25% to be released 4 months from the date on which the Purchaser receives all necessary approvals with respect to Aukam (the “Trigger Date”); 25% in 8 months from the Trigger Date; 25% in 12 months and the final 25% 16 months from the Trigger Date.

Mike England, president of Caribou King, commented:

We see this acquisition as an opportunity to diversify our asset base into a jurisdiction that is considered by many to be one of the most mining friendly areas in the world. Aukam is the only past producer of graphite in Namibia and we look forward to redeveloping the site using modern technology and knowledge.

Click here to read the full Caribou King Resources Ltd. (TSXV:CKR,OTCBB:CBULF) press release.