Gratomic consolidates 100% in Aukam graphite project in Namibia
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(Kitco News) - Gratomic (TSXV:GRAT) announced Tuesday that the company has finalized the terms of a definitive agreement with Next Graphite for the acquisition of NextG’s 37% interest in the Aukam graphite property in Namibia.
Upon completion of the acquisition, Gratomic said it will hold 100% of the rights and interests in the Aukam Mining License (ML215) and exploration License (EPL 3895). The company added that the TSX Venture Exchange has conditionally approved the acquisition.
In consideration for the interest, Gratomic will issue an aggregate of 25,758,915 common shares in the capital of Gratomic to NextG and ten shareholders of NextG and pay $100,000 in cash on closing to NextG.
Additionally, Gratomic said it has agreed to honour its previous contractual condition to provide NextG with US$500,000 from the first US$1,000,000 of net revenue generated from sales of graphite from the Aukam property pursuant to the issuance of the additional shares and the agreement to pay US$250,000.
President and CEO Arno Brand commented, "It has been a pleasure working with Cliff Bream and his team at Next Graphite to finalize this Agreement. I look forward to continuing a strategic business relationship and building a strong future for Aukam together."
Gratomic is focused on introducing an exceptional anode material to the global electric vehicle and energy storage supply chains. The company aims to achieve full operational capabilities in 2021, with further plans to take its Aukam graphite project fully solar by 2022.