Business
Global Li-Ion Graphite To Acquire Past Producing Madagascar Graphite Project
Vancouver, BC / TheNewswire / September 13, 2017 - Global Li-Ion Graphite Corp. ("LION" or, the "Company") (CSE: LION) is pleased to announce that the Company h
About this update from Global Li-ion Graphite Corp.
[{"type":"text","content":"Vancouver, BC / TheNewswire / September 13, 2017 - Global Li-Ion Graphite Corp. (\"LION\" or, the \"Company\") (CSE: LION) is pleased to announce that the Company has entered into a memorandum of understanding (the \"MOU\") with Avana Resources Limited (\"Avana\") to acquire a 100% interest in Avana's graphite interests in Madagascar;, the project comprises 3 mining exploitation licenses totaling 4,375 hectares (10,811 acres), in the vicinity of Andasibe in Toamasina Province in Madagascar (collectively, the \"Property\"). The Madagascar Graphite project has been in operation on and off for the last century and is reported to have produced a combined approx. 18,000 tons of graphite oxide between 1998 and 2008 ( P.G. Ringdahl report 2008 and Wardell Armstrong report 2014) from small private artisanal surface mining operations, after which time the owner/ operators retired. The project's land and operating permits have been kept in good standing and are up to date. A recent draft 43-101 report (Wardell Armstrong 2014) reports \"an average run of mine (ROM) of 12% Graphite with first stage onsite flotation producing a 73% concentrate.\" Both reports indicate the presence of large flake graphite (+80# mesh). Company President Jason Walsh commented \"we are particularly excited to have the opportunity to acquire these advanced assets as we believe we can bring them back into production in fairly short order given their history and infrastructure, providing the requisite economical and technical evaluations support a production decision. We look forward to working with Avana's very experienced team on the ground in Madagascar in our efforts in making LION a leading provider of Graphite Oxide for the rapidly growing energy storage market\". Pursuant to the MOU, to acquire a 100% interest in the Project the Company will make the following cash and share payments to Avana: US$40,000 within one day of signature of the MOU; (paid) US$100,000 with 5 business days of signature of the Definitive Agreement; US$100,000 within 30 business days of signature of the Definitive Agreement; Euros 200,000 to be directed to certain third parties in respect of an agreement to transfer the Property from the original license holders to Avana; 4,000,000 common shares of the Company within 10 business days of approval by the CSE on the transaction; Upon the ...