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Alabama Graphite Corp. Com ABGPF



GREY:ABGPF - Post by User

Comment by dirty101on Nov 11, 2017 3:49pm
128 Views
Post# 26945788

RE:Thanks for graphite mine map

RE:Thanks for graphite mine map Global Li-Ion Graphite doesn't even own the property and if you read the terms of their option to acquire the property, it doesn't seem very likely they will ever succeed.

From their MD&A

Chedic Property, Nevada

Effective December 31, 2016, the Company entered into an Option Agreement to acquire 100% interest in the Chedic property located in Nevada. In order to exercise the option to acquire 100% interest in the property, the Company is required to make the following cash and share payments:

a) 1,000,000 common shares upon the Company achieving a successful listing on a Canadian stock exchange (issued);
b) $67,820 (US$50,000) on the effective date (paid);
c) 1,000,000 common shares on each of the first four anniversaries of the effective date;
d) US$75,000 on or before each of the first and second anniversaries of the effective date;
e) US$100,000 on or before each of the third anniversary of the effective date; and
f) US$100,000 on the fourth anniversary of the effective date.

Pursuant to the Option Agreement the Company is also required to make the following exploration expenditures:
a) US$100,000 ($82,000 paid to May 31, 2017) by the first anniversary of the effective date;
b) US$200,000 by the second anniversary of the effective date;
c) US$300,000 by the third anniversary of the effective date;
d) US$500,000 by the fourth anniversary of the effective date; and
e) minimum advanced annual royalties payments of US$100,000 on the fifth anniversary of the effective date, and annually thereafter.
 
Upon completion of an inferred resource calculation that confirms a minimum presence of 100,000 tons equivalent grading at no lower than 5% carbon content on the property, the Company shall pay a total of US$1,000,000 in cash or common shares of the Company, or a combination thereof at the Company’s election.
Upon Completion of an Economic Study on the property, on or before the sixth anniversary of the effective date, the Company shall pay US$2,000,000 in cash or common shares of the Company, or a combination thereof at the election of the seller.
The property is subject to a 3% gross value Royalty return of which 2% can be purchased by the Company at any time for US$5,000,000.
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