Under the deal, the company will acquire 875,000 common shares of the company that have been subscribed for by members of the management teams of Forbes & Manhattan and Mason Graphite.
The transaction is expected to be completed in two parts including Mason Graphite purchasing a 20% interest in NanoXplore before 31 January 2014, while the remaining 20% stake will be bought on or before 31 July 2014 after regulatory approval.
Following the first part of acquisition, NanoXplore will appoint Mason Graphite as its sales, marketing and distribution agent and on closing the second tranche Mason Graphite will be appointed as its supplier of graphite.
Mason Graphite president and CEO Benoît Gascon said the mutually beneficial alliance will connect the company’s expert teams and combine potential low cost flake graphite production from its Lac Guéret project and potential low cost graphene production from NanoXplore’s process.
"Through this strategic alliance, we will eventually become NanoXplore’s exclusive supplier of natural flake graphite and we will actively be involved in all facets of their sales and marketing activities," Gascon added.
"We are eager to work with NanoXplore and to include graphene in our business model, a substance which The Wall Street Journal last year labelled as a wonder material."
