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Enter Symbol
or Name
USA
CA



Focus Graphite Inc
Symbol FMS
Shares Issued 107,081,839
Close 2014-05-07 C$ 0.51
Market Cap C$ 54,611,738
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Focus Graphite closes sale of Romer property to Mincom

2014-05-08 17:02 ET - News Release

Mr. Gary Economo reports

FOCUS GRAPHITE ANNOUNCES THE CLOSING OF ITS SALE OF THE ROMER PROPERTY TO MINCOM CAPITAL INC.

Focus Graphite Inc. has closed its transaction with Mincom Capital Inc. for the sale of Focus Graphite's Romer property located in the Labrador Trough territory of Quebec (see news release of the company dated Sept. 27, 2013, for more details on the property and the transaction).

Transaction

Under the terms of the property acquisition agreement, Mincom has acquired all of Focus Graphite's rights, title and interest in a series of 149 contiguous and two isolated map-designated mining claims located in the Labrador Trough territory of Quebec, and collectively referred to as the Romer property, for the following consideration:

  1. Cash payment of $250,000 to Focus;
  2. The issuance of 2.5 million Mincom common shares to Focus at a deemed price of 30 cents per share for a total of $750,000.

All securities issued in connection with the transaction are subject to a regulatory four-month hold period ending on Sept. 9, 2014. In accordance with exchange policies, all of the shares issued to the company will be subject to escrow over a period of 36 months. The sale of the property is subject to final approval of the exchange.

Immediately following the foregoing transaction, the company will directly and indirectly own 2.5 million common shares of Mincom, representing approximately 14.38 per cent of the issued and outstanding common shares of Mincom.

The company received the common shares as a portion of the consideration owed to it by Mincom under the terms of the property acquisition agreement for the acquisition by Mincom of the property. In accordance with applicable securities laws, the company may, from time to time and at any time, acquire additional common shares of Mincom and/or other equity, debt or other securities or instruments of Mincom in the open market or otherwise, reserves the right to dispose of any or all of its securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Mincom and other relevant factors.

We seek Safe Harbor.

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