Great Lakes Graphite (TSX: V.GLK, Stock Forum) extended its hold on La Grande Nord Property located in the Baie James region of Québec when the company announced today that it had amended the existing agreement with Eloro Resources (TSX: V.ELO, Stock Forum).
According to the news release, the amendment grants the company an extension on dates for work commitments and repayment terms outlined in the original agreement for one more year.
In return for the extensions, the company has promised to issue an additional 200,000 common shares to Eloro, subject to regulatory approval.
On top of its historic focus on base and precious metal exploration, La Grande Nord has also shown the presence of cobalt-nickel-silver or Cobalt-style deposit mineralization characteristics. The company considers this mineralization potential of great exploration importance.
Great Lakes Graphite was in the news recently when the Toronto-based company announced acquiring additional claims contiguous with the Lochaber Graphite Project a little over a week ago.
Shares gained 12.50% on the news to $0.09 per share.
Currently there are 60.8m outstanding shares with a market cap of $5.5 million.
FULL DISCLOSURE: Great Lakes Graphite is a Stockhouse Publishing client.