https://www.gratomic.ca/news/gratomic-announces-memorandum-of-understanding-with-millennium-metals-tm2-2/
Gratomic has signed a Memorandum of Understanding (“MOU”) with Millennium Metals LTD (“TM2”) and an undisclosed 3rd party (the “Buyer”), to supply graphite over 60 consecutive months
The Parties have agreed to enter into a long form agreement within 6 months where Gratomic will commit to supplying 600 tons per month of graphite SG16 Uncoated or other grade in the initial 3 months of supply, and 1,200 tons per month of graphite SG16 Coated or Uncoated or other grade after the initial 3-month period, year over year for 60 consecutive months from the date that the Company’s Aukam Graphite Plant officially enters commercial production. Commerical production is defined as an output of greater than 51% of total production, which is estimated for Q3 of 2022.
The prices should be discounted by 5% on FOB terms. As an indication, Gratomic and TM2 Indicative Term Sheet signed on February 8, 2022, defined a fixed price of $2,700 USD per ton for graphite grade SG16 uncoated, and $8,000 USD per ton for graphite grade SG16 coated.
A provisional payment of 70% in advance will be made quarterly to Gratomic for the upcoming 3-month delivery period based on planned production and prices on the date of payment. Final payment will be made 30 days after an inspection in a bonded warehouse. Payments will be made directly by the Buyer to Gratomic, and a shared profit contract will need to be established with TM2.
AS PER REPORT: NR was released on Feb 15, 2020: - August 15, 2022!!!!!!
TBD? SO this "MOU" is a legally binding contract, it'll be interesting to see all parties agree to act in good faith to negotiate a "final" definitive agreement consistent with the terms of this MOU.
Sit tight folks!!!! be patient.......
Gabe,
Best of luck to all the "real shareholders"....