Canada-based exploration company Caribou King has acquired two new graphite projects in Quebec - St-Aimé and Calumet for an undisclosed amount.
The St-Aimé prospect is located adjacent to the Timcal mine and comprises of five claims covering 169 hectares.
The Calumet property is located in Grenville city in the Laurentian Hills is between the former Calumet Graphite Mine and the former Miller Graphite Mine.
In February 2013, Caribou King had acquired three Quebec graphite properties – TAC, Lac Vert and Buckingham.
Once the acquisition is approved, Caribou will issue 500,000 shares as well as investing $50,000 in work expenditures over the next year.
Additionally, the company is required to issue 1,000,000 additional shares with an investment of $100,000 in work expenditures in the following year.
The company added in the statement, "A 2% royalty is payable to the vendor, and the Company is entitled to purchase 1% back for $1,000,000."