Mason Graphite Inc of Montreal, QC has signed a letter of agreement with Group NanoXplore Inc also of Montreal, QC whereby Mason Graphite would purchase up to 40% of the issued and outstanding shares of NanoXplore for CDN$700,000. NanoXplore is a privately held research and development company focused on developing low cost, large-scale production of graphene from natural flake graphite, and integrating it into several industries including energy and textiles. Benoit Gascon, Mason Graphites CEO, said, We are thrilled with the synergies between Mason Graphite and NanoXplore. This mutually beneficial alliance will connect our expert teams and combine potential low cost flake graphite production from our Lac Gueret project and potential low cost graphene production from NanoXplores process. Through this strategic alliance, we will eventually become NanoXplores exclusive supplier of natural flake graphite and we will actively be involved in all facets of their sales and marketing activities. The proposed transaction would be completed in two tranches, with Mason Graphite purchasing a 20% interest in NanoXplore on or before January 31, 2014 in consideration for CDN$350,000 and having the right to purchase an additional 20% interest in NanoXplore on or before July 31, 2014 for an additional CDN$350,000 if Mason Graphite is satisfied with the progress. Upon closing of the first tranche, NanoXplore will appoint Mason Graphite as its sales, marketing and distribution agent and, upon closing of the second tranche, NanoXplore will appoint Mason Graphite as its supplier of graphite once production commences.
Volume 28 issue 2