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Flinders Resources Ltd. (TSXV:FDR) announced that it has terminated its agreement with Big North Graphite Corp. (TSXV:NRT), effective immediately.
Flinders Resources Ltd. (TSXV:FDR) announced that it has terminated its agreement with Big North Graphite Corp. (TSXV:NRT), effective immediately.
Flinders Resources Limited (‘Flinders’) (TSXV: FDR) announce that further to the joint news release with Big North Graphite Corp.(‘Big North’) (TSXV: NRT) of September 2, 2014, October 21, 2014, November 3, 2014 and December 1, 2014 Flinders has terminated the binding letter agreement dated August 28, 2014, effective immediately. The letter agreement has been terminated as a result of Big North failing to satisfy the due diligence process.
Blair Way, president and CEO of Flinders, stated:
I am very disappointed to be announcing this. The due diligence process is critical to ensure the legal integrity of a transaction such as this. The due diligence identified key issues that could not be resolved so the agreement had to be terminated. We will continue to look for the correct asset to add to our company to grow the business beyond the European market.
Click here for the full Flinders Resources Ltd. (TSXV:FDR) press release