As per the terms, Mincom purchased Focus’ rights, title and interest in a series of 149 contiguous and two isolated map-designated mining claims in the project.
The company paid $250,000 in cash, and 2,500,000 of its common shares at a deemed per share price of $0.30 totaling $750,000 which represents approximately 14.38% stake in Mincom.
In September 2013, the parties have entered into an agreement with regard to the transaction.
The Romer property is part of 13 mineral properties located in the north-central portion of the Labrador Trough acquired by Focus Metals.
Focus Graphite also owns the Lac Knife graphite deposit in the Côte-Nord region of north-eastern Québec, Lac Tétépisca and Lac Guinécourt graphite deposits in the Manicouagan reservoir area.
