Gratomic Inc has announced that it has entered into a definitive agreement with 3 S Ltda and Beko Investments Ltd to acquire 100% of the rights and interests in three mining licences adjacent to its Capim Grosso graphite project.
The company said the properties, the Jacobina prospect and the Igrapiuna prospect, comprise the three claims, covering 2,782 hectares in Brazil’s Bahia State.
READ: Gratomic updates on drill progress at Capim Grosso project; reports visual graphite in six holes
Upon closing of the acquisition, Gratomic said it will make a one-time cash payment of $100,000 and issue 1,768,011 of its own shares priced at $1.40 per share.
The shares will also be subject to the terms of an escrow agreement under which one third will be released four months and one day following closing, a further third of eight months from closing, and the remaining third will be released from escrow 12 months from closing.
Gratomic is focused on becoming a leading global graphite supplier and aims to secure a strong position in the electric vehicle (EV) battery supply chain. It has projects in Namibia, Brazil, and Canada.
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