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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Focus Graphite Inc | TSXV:FMS | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.005 | 6.25% | 0.085 | 0.08 | 0.085 | 0.085 | 0.085 | 0.085 | 1,180 | 14:30:00 |
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Focus Graphite Inc. (TSX VENTURE:FMS)(OTCQX:FCSMF)(FRANKFURT:FKC) ("Focus" or the "Company) is pleased to announce the closing of its transaction with Mincom Capital Inc. ("Mincom"), a Capital Pool Company ("CPC") trading on the TSX Venture Exchange (the "Exchange") for the sale of Focus' Romer Property located in the Labrador Trough territory of Quebec (the "Property") (See news release of the Company dated September 27, 2013 for more details on the Property and the transaction). Transaction Under the terms of the property acquisition agreement, Mincom has acquired all of Focus' rights, title and interest in a series of 149 contiguous and 2 isolated map-designated mining claims located in the Labrador Trough Territory of Quebec, and collectively referred to as the Romer property, for the following consideration: a. Cash payment of $250,000 to Focus; and b. The issuance of 2,500,000 Mincom common shares to Focus at a deemed price of $0.30 per share for a total of $750,000. All securities issued in connection with the transaction are subject to a regulatory four (4) month hold period ending on September 9, 2014. In accordance with Exchange policies, all of the shares issued to the Company will be subject to escrow over a period of 36 months. The sale of the Property is subject to final approval of the Exchange. Immediately following the foregoing transaction, the Company will directly and indirectly own 2,500,000 common shares of Mincom representing approximately 14.38% of the issued and outstanding common shares of Mincom. The Company received the common shares as a portion of the consideration owed to it by Mincom under the terms of the property acquisition agreement for the acquisition by Mincom of the Property. In accordance with applicable securities laws, the Company may, from time to time and at any time, acquire additional common shares of Mincom and/or other equity, debt or other securities or instruments (collectively, "Securities") of Mincom in the open market or otherwise, reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Mincom and other relevant factors. About Focus Graphite Inc. Focus Graphite Inc. is an emerging mid-tier junior mining development company, a technology solutions supplier and a business innovator. Focus is the owner of the Lac Knife graphite deposit located in the Cote-Nord region of northeastern Quebec. The Lac Knife project hosts a NI 43-101 compliant Measured and Indicated Mineral Resource Estimate(i) of 9.6 million tons grading 14.77% graphitic carbon (Cg) as crystalline graphite with an additional Inferred Mineral Resource Estimate(i) of 3.1 million tons grading 13.25% Cg of crystalline graphite. Focus' goal is to assume an industry leadership position by becoming a low-cost producer of technology-grade graphite. On November 7, 2013 the Company released the results of an updated Preliminary Economic Assessment ("PEA") of the Lac Knife Project which indicated that the project has very good potential to become a graphite producer. As a technology-oriented enterprise with a view to building long-term, sustainable shareholder value, Focus also invests in the development of graphene applications and patents through Grafoid Inc. Forward Looking Information This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information includes information with respect to our goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may," "would," "should," "could," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe," and "continue," or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond our control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Important factors that could cause actual results to differ materially from the Corporation's expectations are in our documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. FOR FURTHER INFORMATION PLEASE CONTACT: Mr. Gary Economo Chief Executive Officer Focus Graphite Inc. 613-447-8521 geconomo@focusgraphite.com
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