Ontario Graphite and NXA Propose Combination

NXA Inc of Toronto, ON has entered into a letter of intent to complete a business combination with Ontario Graphite Ltd (OGL) of Kearney, ON. It is currently contemplated that NXA, OGL, and OGL’s parent company will complete a business combination by way of share exchange, merger, amalgamation, or other similar form of transaction which will result in OGL or OGL’s parent combining with or becoming a wholly-owned subsidiary of NXA. Approval of the letter of intent and the terms of the proposed transaction are subject to certain conditions including the completion of a private placement. The proceeds of the placement will be used to further the re-commissioning of the Kearney mine. The mine last operated in 1994 under the ownership of Applied Carbon Technology Inc. When reactivated, it is estimated that the mine will produce approximately one million tonnes/year of ore for a mill that will produce 20,000 tonnes/year of large-flake graphite concentrate. Canada Carbon Inc of Vancouver, BC has signed an agreement with Uniroc Construction of Mirabel, QC for the crushing of graphitic material from its Miller property in Quebec. Uniroc is a concrete supplier and installer that operates on the north shore of Montreal and in southwestern Quebec. The company operates three quarries; including one located less than two kilometers from the Miller property. Bruce Duncan, Canada Carbon’s CEO, said, “Securing crushing capacity within such close proximity to the Miller property will make the economics of the operation extremely cost effective. The proximity of this quarry and equipment makes it possible to take advantage of infrastructure already in place, save on capital costs, and minimize operational risk. The agreement with Uniroc will enable Canada Carbon to be more flexible in its crushing schedule, due to limited mobilization time, while also providing flexibility in the quantity of material crushed due to the size of the available equipment.” Energizer Resources Inc of Toronto, ON has finalized the purchase of the remaining 25% interest in the Molo graphite project in southern Madagascar from joint venture partner Malagasy Minerals Ltd of Australia. In the transaction, Energizer not only acquires 100% of the Molo Graphite project but also owns a 100% interest in and to all of the industrial mineral rights within the acquired property, which comprises 2,120 claims totaling 363 sq miles. Mason Graphite Inc of Montreal, QC has completed the second tranche of investment in Group NanoXplore Inc of Montreal, QC by investing CDN$350,000 for an additional 20%, taking its ownership to 40%. NanoXplore is focused on developing low cost, large-scale production of graphene from natural flake graphite. Mason Graphite is focused on the exploration and development of its Lac Gueret graphite property in northeastern Quebec.

Volume 28 issue 9

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