- Gratomic (GRAT) has finalized the terms of an agreement to acquire NextG’s 37 per cent interest in the Aukam Property in southern Namibia
- Gratomic will hold 100% of the rights and interests in the Aukam Mining License (ML215) and exploration License (EPL 3895)
- Gratomic will issue an aggregate of 25,758,915 common shares in the capital of Gratomic to NextG and pay $100,000 in cash on closing to NextG
- The acquisition is subject to the final approval of the TSXV
- Gratomic Inc. is focused on introducing an exceptional anode material to the global electric vehicle and energy storage supply chains
- Gratomic Inc. (GRAT) is up 4.88 per cent, trading at C$1.72 per share at 10:15 am ET
Gratomic (GRAT) has finalized the terms of an agreement to acquire NextG’s 37 per cent interest in the Aukam Property in southern Namibia.
Upon completion of the acquisition, Gratomic will hold 100% of the rights and interests in the Aukam Mining License (ML215) and exploration License (EPL 3895).
The TSXV has conditionally approval the acquisition.
Arno Brand, President and CEO 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 will issue an aggregate of 25,758,915 common shares in the capital of Gratomic to NextG and pay $100,000 in cash on closing to NextG.
Gratomic has also agreed to honour its previous contractual condition to provide NextG with US$500,000 from the first US$1,000,000 of the net revenue generated from sales of graphite from the Aukam Property.
The shares will be issued to NextG and the NG Recipients on closing and held in escrow. The escrowed shares will be subject to an 18-month escrow subject to a release of 1/3 of the original balance every 6 months, pro-rata. The additional shares will be subject to a 12-month escrow and shall be released from escrow, pro rata, on the due date.
The acquisition is subject to the fulfillment of certain conditions including the final approval of the TSXV.
Cliff Bream, President and CEO of Next Graphite said,
“We feel that combining the interests in Aukam will optimize the potential of Aukam and allow the shareholders of NextG to participate in the success of Gratomic. Many of us in the two companies have worked together for years, and we have great confidence that Gratomic will be successful with the Aukam project”.
Gratomic Inc. 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 plans to take its Aukam Graphite Project fully solar by 2022.
Gratomic Inc. (GRAT) is up 4.88 per cent, trading at C$1.72 per share at 10:15 am ET.