Located 10km west of the Zenyatta Ventures Albany graphite project in Ontario, the Mulloy graphite project covers 5,693 contiguous hectares.
Under the terms of the agreement, subject to approvals, Caribou will issue 400,000 CKR common shares to CLFN on signing as well as 200,000 common share purchase warrants on the first to the third anniversary dates.
The agreement also enables local work opportunities and business ventures, and for continued consultation on land use issues, the company said.
Constance Lake First Nation said, "Council is pleased to move forward with Caribou on developing the Mulloy graphite property."
A total of up to 1.2 million stock options has also been granted by Caribou, in accordance with the company’s stock option plan, to directors, officers and consultants of the company and is exercisable for a period of up to five years from the date of grant at a price of $0.05 per share.
