The property is located between two currently producing graphite assets, around 50km south of Madagascar’s Toamasina port.
If a deal is finalized, the company will pay $400,000 cash and issue four million common shares.
DNI Metals will pay $10,000 on signing the LOI, $90,000 at the end of the 90 day due diligence period, $150,000 six months after signing of the final agreement, and $150,000 at the decision to mine on the property.
The shares will be issued on signing the final agreement on or before the end of the due diligence period, and may be subject to an escrow period.
Madagascar is said to host large flake and high-quality graphite with majority sourced from the central-eastern part of the country.
