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Big North Graphite (TSXV:NRT) and Flinders Resources (TSXV: FDR) have announced that the companies will further extend the due diligence period regarding their acquisition agreement to January 30, 2015. The entering into a definitive agreement to incorporate the terms of the binding letter has been extended to the same date.
As quoted in the press release:
A further extension is necessary as Flinders is waiting on various diligence reports on Big North and its assets. Both Flinders and Big North are working together to complete the due diligence in order to sign a definitive agreement.
Big North president and CEO, Spiro Kletas, said:
The Directors of Big North Graphite Corp still believe that the acquisition of Big North by Flinders represents a very positive step for our shareholders. Flinders is the only TSX Venture graphite company with a producing flake graphite mine and their management has the expertise and experience that will be beneficial in the restart of the El Tejon mine. This extension is required to complete all aspects associated with the acquisition our projects, specifically El Tejon, which has a 34 year history associated with it. The length of the extension takes into account the pending holiday season.
Click here to read the Big North Graphite (TSXV:NRT) press release
Click here to see the Big North Graphite (TSXV:NRT) profile.