Focus Graphite Sells Romer Property to Mincom Capital

 Focus Graphite Inc. (TSXV:FMS,OTCQX:FCSMF,FWB:FKC) entered into a letter agreement with Mincom Capital Inc. (TSXV:MOI.P), whereby the Company will sell all of its rights, title, and interest in the Romer Property to Mincom Capital.

As quoted in the press release:

Terms and conditions of the Agreement
The transaction is subject to Exchange and to other standard closing conditions, including satisfactory due diligence review of the Property by Mincom, and the completion of a financing (the “Offering”) on terms satisfactory to Mincom, in its sole discretion, as may be necessary in order to meet the minimum listing requirements of the Exchange.

The consideration due to Focus from Mincom for the purchase of the Property is CAN$1,000,000, as determined following an independent valuation prepared at the request of Mincom. Focus will receive the consideration as follows: (i) cash consideration of CAN$250,000; (ii) common shares of Mincom having a total value of CAN$750,000, at a price per share equal to the issue price of the common shares of Mincom to be issued in connection with Mincom’s concurrent financing. The Romer property comprises of 151 mining claims but only the 149 contiguous mining claims were assessed for the purpose of establishing the value of the property.

Click here to read the Focus Graphite Inc. (TSXV:FMS,OTCQX:FCSMF,FWB:FKC) press release

Click here to see the Focus Graphite Inc. (TSXV:FMS,OTCQX:FCSMF,FWB:FKC) profile