Under the deal, the company will issue 1,250,000 common shares at C$0.07 per share, pay $12,500 cash as well as spend $500,000 in exploration.
Covering 25.09 km² area, the La Loutre property is located around 53km east of Timcal’s Lac des Iles graphite mine, and comprises one large contiguous block of 42 mineral claims.
Recent sampling and mapping on the property has confirmed a graphite bearing structure over an area of around 7km by 1km with results of up to 22.04% graphite in multiple parallel zones of up to 50m wide.
Another area covering about 2km by 1km in multiple parallel zones of up to 50m wide has also been identified with results up to 18% graphite.
The transaction is subject to approval from the Toronto Stock Exchange.
