Under the deal, the company has issued 3,000,000 common shares as partial consideration at $0.05 per share and will issue 500,000 shares on the first anniversary date of the closing.
The second tranche of payment will be paid to the vendor if the mining claims produce 2,000,000 tons of graphite ore body, graphite ore with a grade of 30% and quality of 90% Cg. The company will spend up to $250,000 in exploration expenditures to verify same.
The vendor will also have a 1% royalty on the production cost of the concentrate material.
The Miller East comprises nine mineral claims covering approximately 540 hectares in Quebec, while Page comprises claim number consisting of 16 claim units covering 256 hectares within the Porcupine district of Ontario.
