Vancouver, B.C., August 19, 2013 - BIG NORTH GRAPHITE CORP. (TSX-V: NRT) (the "Company" or "Big North"), announces that the Company intends to settle a total of $71,000 of debt (the "Debt") with an arm's length party (the "Shares for Debt Settlement"). The Debt is owed by the Company to a consultant for services rendered pursuant to a consulting agreement dated effective December 1, 2011. The Company will settle the Debt by issuing 1,092,307 common shares of the Company at a deemed price of $0.065 per common share.
The Company negotiated the Shares for Debt Settlement in light of the Company's current working capital position and in order to preserve capital to fund the continued development of the Company's mineral projects.
All securities issued in connection with the Shares for Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Closing of the Shares for Debt Settlement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange.
About Big North Graphite Corp.
Big North is a graphite development and exploration company focused on select projects in Mexico and Canada. The Company recently acquired three past producing amorphous graphite mines in Sonora, Mexico and is working towards accelerating the restart of the Nuevo San Pedro amorphous graphite mine. Big North is currently in the test mining phase at Nuevo San Pedro.
Recently, Big North announced that the Company had started the assembly of a processing plant that will be used for crushing, screening, sizing and drying graphite to the specifications of future customers. Further, the Company has commenced a strategy of buying unprocessed amorphous graphite from local miners who do not possess the ability to process and ship to end users. Big North also owns high priority, large flake graphite exploration projects in Ontario and Quebec, Canada.
For further information please contact Spiro Kletas, President & CEO, at (604) 629-8220 or firstname.lastname@example.org
ON BEHALF OF THE BOARD
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
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