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Share Name | Share Symbol | Market | Type |
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TSXV:GRA.H | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
The Letter of Intent provides that pursuant to the Earn-In Agreement, Nightstar will grant to Graniz the option (the "Option") to acquire a 60% undivided interest in the Property. Before it can exercise the Option, Graniz must:
(a) pay to Nightstar the following cash amounts: ---------------------------------------------------------------------------- Date Cash Amount ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 1st Anniversary of the Execution Date $200,000 ---------------------------------------------------------------------------- 2nd Anniversary of the Execution Date $200,000 ---------------------------------------------------------------------------- 3rd Anniversary of the Execution Date $300,000 ---------------------------------------------------------------------------- (b) complete an equity financing of $1,000,000 within 60 days from the Execution Date; (c) graduate to Tier 2 of the TSX Venture Exchange within 60 days from the Execution Date; and (d) acquire additional mining claims in Canada that are suitable to Nightstar within 60 days from the Execution Date.
The Letter of Intent can be terminated by mutual written consent of both parties or by written notice of either party if the Earn-In Agreement has not been executed on or prior to the Execution Date. The Letter of Intent can also be terminated upon written notice by Graniz if the Earn-In Agreement has not been executed by June 30, 2011, or by Nightstar in the event that it is not satisfied with the results of its due diligence investigation regarding Graniz.
Trading of Graniz shares has been halted at Graniz's request while the parties negotiate the Earn-In Agreement.
The foregoing information may contain forward-looking statements relating to the future performance of Graniz Mondal Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from Graniz's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Graniz with the TSX Venture Exchange/NEX and securities regulators. Graniz does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts: Graniz Mondal Inc. Richard-Marc Lacasse President (418) 564-8834
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