As per the deal, the company would pay $50,000 in cash and issue 3,333,333 fully-paid ordinary shares.
The company has four months to complete due diligence on the project, and has agreed to spend a minimum of $100,000 on exploration activity and diligence investigations during the period.
The transaction is subject to various conditions, including regulatory and shareholder approvals.
Located approximately 245km south-west of Morogoro, the project comprises one granted exploration licence covering an area of 292km², and is said to be prospective for graphite mineralization.
Earlier exploration has revealed two significant graphite mineralization areas, including Ndololo and Epanko North.
RC drilling and rock chip sampling identified the presence of large flake moderate to high-grade graphite with positive metallurgical properties, the company said.
Green Rock Energy said it will mobilize a field team to start ground activities by the end of this month.
