NEW NAME: COBALTECH MINING INC.
NEW SYMBOL: CSK
VANCOUVER, Nov. 23, 2016 /CNW/ - BIG NORTH GRAPHITE
CORP. (TSX-V: NRT) (the "Company") is pleased to
announce that further to its press release of October 20, 2016, it has now completed the
acquisition (the "Acquisition") of the past producing Duncan
Kerr Property (the "Property") and related production
facilities and equipment all located in the Cobalt region of
Ontario, Canada pursuant to a
property purchase agreement dated October
14, 2016 (the "Purchase Agreement") with
TrioResources AG Inc. ("Trio").
Pursuant to the terms of the Purchase Agreement, Big North
issued to Trio 8,500,000 common shares (the "Payment
Shares") in the capital of the Company at a deemed price of
$0.15 per Payment Share and will pay
Trio an aggregate of $2,000,000. Big North paid $150,000 upon closing of the Acquisition (the
"Closing Date") to be used to satisfy certain secured debts
owing on the Property, and will pay an additional $650,000 within 9 months of the Closing Date, and
an additional $1,200,000 within 24
months of the Closing Date (such payments subject to acceleration
in certain circumstances). The Payment Shares are subject to
a voluntary pooling agreement and will be released over a period of
18 months from the Closing Date, with 33 1/3% being released every
six months from the Closing Date. The Payment Shares will be
subject to a hold period of four months and a day pursuant to
applicable securities laws. In connection with the Acquisition, the
Company has agreed to pay 1821 Capital Corp., an arm's length
finder, an aggregate of $196,250 over
a period of 24 months from the Closing Date.
The Company has filed a National Instrument 43-101 compliant
technical report with respect to the Property dated October 14, 2016 and titled "NI 43-101 Technical
report on the Duncan Kerr Property Larder Lake Mining Division,
Northeastern Ontario" (the
"Technical Report"). The Technical Report is available
under the Company's profile on SEDAR.
"With the closing of this acquisition, CobalTech Mining Inc has
quickly become a leader amongst its peers within the current North
American landscape" commented Spiro Kletas, the Company's outgoing
President and CEO. "We believe that the Company will be able to be
milling and selling a bulk concentrate to customers in the near
term. As such, we are extremely pleased to be in this great
position. It is also a great time to begin bringing in a more
technically experienced team, namely seasoned executives that can
insure we maintain not only our market leadership, but also build
solid shareholder value on strong market fundamentals that are
currently before us today."
About the Duncan Kerr Property:
The Duncan Kerr property is located within the historical Cobalt
camp in northeastern Ontario and
comprises 32.374ha and encloses the former Kerr and Lawson Mines which saw estimated total
production of 32,715,590 ounces of silver (1060 tons) with Cobalt
as a significant by product of production.
Name Change and Management Appointments:
The Company is also pleased to announce it has changed its name
to "CobalTech Mining Inc." and will commence trading under the
symbol "CSK" on the TSX Venture Exchange effective at the opening
on November 24, 2016.
The Company is pleased to announce that it has appointed Mr.
Antoine Fournier as President and
CEO. Mr. Fournier is a professional geologist with 25 years of
experience in the exploration of industrial and high-tech metals,
as well as precious metals
His primary role will be to evaluate the current state of
development of the Duncan Kerr Project and determine the best route
to accelerate this asset up the value curve and into
production.
Spiro Kletas has resigned as President, CEO and Corporate
Secretary of the Company. The Board of Directors would like to
thank Mr. Kletas for all of his hard work and dedication in these
roles, and wishes him all the best in his future endeavours.
Mr. Kletas will remain a Director of CobalTech Mining Inc.
About Cobalt:
Cobalt is an essential component of the Li-ion batteries found
in most small electronic devices currently being manufactured such
as mobile phones, laptops and digital cameras. Cobalt in the
form of oxides makes up the cathodes. The main advantage of the
cobalt-based Li-ion batteries is the high specific energy ideal for
smaller batteries.
ON BEHALF OF THE BOARD
(Signed) Spiro Kletas
Spiro Kletas
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
SOURCE Big North Graphite Corp.