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Gratomic Inc V.GRAT

Alternate Symbol(s):  CBULF

Gratomic Inc. is a Canada-based exploration and development stage company with projects in Namibia, Brazil, and Canada. It supplies graphite and is engaged in the electric vehicle battery supply chain through the development of its flagship Aukam graphite mine and ongoing exploration at the Capim Grosso property. The Aukam property includes a mining license (ML) 215 (5,002 hectares (ha), in respect of base and rare metals, industrial minerals, and precious metals), and an exclusive prospecting license (EPL) 8746 (49,693 ha, in respect of base and rare metals, industrial minerals, and precious metals). The Aukam property is located in the district of Bethanie, Karas region of southern Namibia. The Capim Grosso Graphite project is situated in the center-east portion of the Bahia State, 280 km from the port of Salvador, the state capital, and 166 km from Feira de Santana and covers over 6,312 ha. It also owns a 100% interest in the Buckingham properties located in the Province of Quebec.


TSXV:GRAT - Post by User

Comment by GabeBuffeton Feb 17, 2021 8:22am
99 Views
Post# 32582614

RE:Gratomic Provides Update on Its Acquisition

RE:Gratomic Provides Update on Its Acquisition Here's the orginal press release: 

TORONTO, ON / November 19th, 2020 / Gratomic Inc. (“GRAT” or the “Company”) (TSXV:GRAT) (OTC Pink: CBULF) (FRANKFURT:CB81) (WKN:A143MR) is pleased to report that it has entered into a definitive agreement (the “Agreement”) with Next Graphite, Inc. (“NextG”), for the acquisition of NextG’s 37% interest (the “Interest”) in Gazania 242 Pty Ltd. (the “Acquisition”), the Namibian company which holds the licenses on the Aukam property (“Aukam”). The Agreement was dated November 12, 2020 and executed on November 16, 2020. The parties negotiated an amendment to the Agreement dated November 16, 2020 which was executed on November 19, 2020. Upon completion of the acquisition, Gratomic will hold 100% of the rights and interests in the Aukam Mining License (ML215) and exploration License (EPL 3895).

Arno Brand, President and CEO commented, “It has been a pleasure working with Cliff Bream and his team at Next Graphite over the years and I look forward to continuing a strategic business relationship and building a strong future for Aukam together.”

In consideration for the Interest, Gratomic will, upon closing of the Acquisition (the “Closing”), issue 18,986,188 common shares (the “Escrowed Shares”), valued at $0.14 per share, and 2,272,727 common shares (the “Additional Shares” and collectively with the Escrowed Shares, the “Consideration Shares”)) in the capital of Gratomic (the “Common Shares”). Additionally, Gratomic has agreed to honour its previous contractual condition to provide NextG with US$500,000 from the first US$1,000,000 of net revenue generated from sales of graphite from the Aukam property pursuant to the issuance of the Additional Shares and the agreement to pay US$250,000 (the “Revenue Amount”). In the event the Revenue Amount is not paid in full by the 12-month anniversary of the Closing (the “Due Date”), then any outstanding Revenue Amount will be settled by the issuance to NextG of that number of common shares (the “Settlement Shares”) as is arrived at by dividing the then outstanding Revenue Amount by the closing price of the Common Shares on the first trading day following the Due Date, less the maximum discount allowed by the rules of the TSX Venture Exchange (“TSXV”).

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