Gratomic Inc. has announced that the Company has acquired 100% of the rights and interests in and to the “Capim Grosso Property” comprising mineral claim 870.180/2012 located in Capim Grosso, BA, Brazil pursuant to the Agreement with Zumbi Mineração Brazil (“Zumbi“) and the shareholders of Zumbi (collectively the “Vendors“).
“We are pleased to have successfully finalized the deal on the Zumbi project in Brazil. The goal has always been for Gratomic to evolve into a multi-national organization. At its core, the Company will stay true to its roots as an exploration and mining company,” stated Arno Brand CEO & President.
In consideration for a 100% interest in the Capim Grosso Property, Gratomic paid CAD $ 200,000 to the Vendors and issued to the Vendors an aggregate of 3,840,580 common shares, at a deemed price of $1.38 per share, subject to a resale restriction expiring on April 9, 2022. In addition, 2,845,671 of the common shares issued are subject to a twelve (12) month resale restriction expiring on December 8, 2022. The Vendors retained a 3% gross smelter return royalty in respect of all minerals processed from the Capim Grosso Property, other than graphite, on the terms and conditions set forth in a gross smelter royalty agreement dated December 8, 2021.
Acquiring the Brazilian graphite project provides Gratomic the opportunity to diversify the Company’s interests and develop the graphite deposit at the Capim Grosso project. This strategically positions the Company to better meet growing demand for high quality graphite and provides a significant competitive advantage by limiting risk through business development in several key mining friendly jurisdictions.
Armando Farhate, COO & Head of Graphite Marketing and Sales, says: “It was with immense pleasure that I had the opportunity to help bring Gratomic to my home country, a mining friendly jurisdiction and already among the largest graphite producers in the world. This will help to propel both Gratomic and Brazil towards the top of the list in the global graphite community”