The Kwyjibo property consists of 116 map-designated claims covering an area of 6,283.5ha located a few kilometres north of Manitou Lake
Focus Graphite, an advanced exploration company focused on the production of graphite concentrate, announced that the Company has completed the definitive asset purchase agreement for the sale of the Company’s 50% interest in the Kwyjibo rare earth elements Project to Investissement Québec for the sum of C$7,237,696.
The Kwyjibo property consists of 116 map-designated claims (CDC) covering an area of 6,283.5 ha located a few kilometres north of Manitou Lake, approximately 125 km northeast of Sept-Îles, in the Côte-Nord administrative district of Québec. The Kwyjibo claim block is also located 25 km east of the Québec North Shore and Labrador (QNSL) rail line and is accessible by air from float plane and helicopter bases located in or near Sept-Îles.
Gary Economo, Chief Executive Officer of Focus Graphite commented, “We are very pleased today to announce the completion of the asset purchase agreement with Investissement Québec to sell Focus Graphite’s 50% interest in the Kwyjibo Project. We believe the sale of this asset will unlock significant value to our shareholders and allow Focus Graphite to prioritize its resources on the remaining projects in the Company’s development pipeline.”
The Company also announced that, subject to Exchange approval, it will seek to convert up to $1,500,000 of loans due to two of its Directors to shares at $0.02 per share.
Source: Company Press Release