Gratomic Inc has announced that it has acquired all the rights and interests to the promising Capim Grosso property in Brazil for C$200,000 in an all-share deal with Zumbi Mineração Brazil.
The Toronto-based advanced materials company said it has acquired 100% of the rights and interests in and to the Capim Grosso property comprising “mineral claim 870.180/2012 located in Capim Grosso, Brazil” following the agreement with Zumbi Mineração Brazil and the shareholders of Zumbi.
“We are pleased to have successfully finalized the deal on the Zumbi project in Brazil. The goal has always been for Gratomic to evolve into a multi-national organization. At its core, the company will stay true to its roots as an exploration and mining company,” Gratomic CEO Arno Brand said in a statement.
For the 100% interest in the Capim Grosso property, Gratomic paid C$200,000 to the vendors and issued an aggregate of 3,840,580 common shares, at a deemed price of $1.38 per share, subject to a resale restriction expiring on April 9, 2022.
In addition, the company said 2.84 million of the common shares issued are subject to a 12-month resale restriction expiring on December 8, 2022. The vendors retained a 3% gross smelter return royalty in respect of all minerals processed from the Capim Grosso property, other than graphite, on the terms and conditions set forth in a gross smelter royalty agreement dated December 8, 2021.
Gratomic noted that acquiring the Brazilian graphite project gives the company the opportunity to diversify its interests and develop the graphite deposit at the Capim Grosso project. “This strategically positions the company to better meet growing demand for high-quality graphite and provides a significant competitive advantage by limiting risk through business development in several key mining-friendly jurisdictions,” said Gratomic.
Armando Farhate, who is the company’s COO and head of graphite marketing and sales, said: “It was with immense pleasure that I had the opportunity to help bring Gratomic to my home country, a mining-friendly jurisdiction and already among the largest graphite producers in the world. This will help to propel both Gratomic and Brazil towards the top of the list in the global graphite community.”
Gratomic plans to achieve full operational capabilities in 2022 on its flagship Aukam Graphite project in southern Namibia and continue to diversify its assets into a multinational company with projects around the world. The firm said large quantities of its naturally high-quality vein graphite have been shipped for testing to confirm its viability as an anode material.
The company has set its sights on becoming a key player in the electric vehicle (EV) and energy storage supply chain with its low-cost mine to market commercialization of carbon-neutral, eco-friendly, high purity vein graphite.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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