Welcome!

Microsoft Cloud Authors: David H Deans, Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog

News Feed Item

Graniz Receives NEX Approval of Financing and Acquisition of Mousseau West Graphite Property

LEVIS, QUEBEC -- (Marketwire) -- 12/21/12 -- GRANIZ MONDAL INC. (the "Company") (TSX VENTURE:GRA.H) announces that the TSX Venture Exchange has approved the Company's acquisition of an option to earn a 75% interest in the Mousseau West graphite property located in Quebec, as well as the Company's completion of the second tranche of a private placement in which it raised a total of $342,600.

The Company has not yet been reinstated on the NEX, but continues to work with the TSX Venture Exchange to become reinstated (with its shares then eligible to be traded on the NEX) as soon as possible. The Company will issue a more comprehensive news release on this reinstatement as that matter progresses.

Acquisition of Mousseau West

The Company has entered into an option agreement dated December 13, 2012 (the "Option Agreement") for the acquisition of a 75% interest in the Mousseau West graphite property ("Mousseau West") from the current owners of that property: Berthe Lambert (a director of the Company) as to 45%, Richard-Marc Lacasse (an insider of the Company and a former director and President of the Company), as to 45% and Donald Theberge (currently a director and the President of the Company) as to 10% (collectively, the "Vendors").

The Mousseau West graphite property is comprised of 12 mining claims covering a total of approximately 489 hectares straddling the boundaries of Brunet and Mousseau Townships in Quebec, approximately 12 km north of the town of St-Veronique (near Mont-Laurier) Quebec. The Company intends to acquire Mousseau West for the purpose of exploring for graphite.

The Option Agreement replaces a letter of intent dated June 26, 2012, which sets out the proposed terms of the acquisition. The Option Agreement is consistent with the letter of intent signed in June, except that the Vendors and the Company have agreed that the payment of $165,000 that would have been payable now will only be payable one year from now, plus interest of 8% per annum. Accordingly, the principal terms of the Company's acquisition of a 75% interest in Mousseau West are as follows:


a.  a cash payment of $165,000 plus 8% interest must be paid to the Vendors
    on or before December 19, 2013; 
    
b.  2,000,000 common shares must be issued to the Vendors immediately, pro
    rata in accordance with their percentage ownership of Mousseau West; 
    
c.  on or before December 19, 2013, the Company must pay the Vendors $25,000
    and issue them 1,000,000 common shares; 
    
d.  on or before December 20, 2014, the Company must pay the Vendors $25,000
    and issue them 1,000,000 common shares; and 
    
e.  Berthe Lambert and Richard-Marc Lacasse will retain, collectively, a 2%
    net smelter returns royalty over and with respect to any and all
    graphite concentrate produced from Mousseau West, subject to the
    additional condition that the Company will retain a right of first
    refusal over any proposed sale of that royalty. 

The Company's 75% interest in Mousseau West will be subject to the following additional conditions:


a.  in each of the two years following the completion of the acquisition,
    the Company will be required to complete $200,000 of "Approved
    Expenditures" (as defined under the policies of the TSX-V), for a total
    of $400,000 over two years, without any contribution or other payment
    from the Vendors, and without limiting such obligation and until such
    time as the Company has obtained a pre-feasibility study on Mousseau
    West and filed such study on SEDAR, the Company will be responsible for
    paying any and all costs related to and/or arising from the ownership,
    management, maintenance in good standing and exploration of Mousseau
    West (collectively, the "Maintenance and Exploration Costs"); 
    
b.  after the date when a pre-feasibility study on Mousseau West has been
    filed on SEDAR and delivered to the Vendors, the Vendors will be
    responsible for paying for the portion of the Maintenance and
    Exploration Costs that is equal to their ownership interest in Mousseau
    West, subject to the further requirement that a joint venture be formed
    to manage and operate Mousseau West; 
    
c.  the Vendors will be required to provide reasonable cooperation to the
    Company so as to permit the Company to register its 75% ownership
    interest in and to Mousseau West on any appropriate registries or
    records maintained by or on behalf of the Government of Quebec with
    respect to Mousseau West, such registration(s) to be made at the cost
    and expense of the Company; and 
    
d.  with respect to the 25% ownership interest in and to Mousseau West
    retained by the Vendors (the "Residual Interest"), the Company will
    hold, and the Vendors will recognize the Company as holding an option to
    purchase and a right of first refusal over that interest. 

With the Option Agreement having been approved, the Company will proceed to perform its obligations under the Option Agreement and to undertake exploration of the property.

Approval of Private Placement

It was a pre-condition to the Company's acquisition of its interest in Mousseau West that the Company raise capital through a private placement. A first closing of this private placement occurred earlier this year, raising proceeds of approximately $317,000.

The Company is pleased to announce that it has received approval from the TSX Venture Exchange to close the second tranche of this financing. A total of $342,600 has been raised in this closing, through the issuance of 2,855,000 common share units at a price of $0.12 per unit. Each unit separated at closing into one share and 1/2 warrant, with each warrant being exercisable for one year at $0.24 per share. As a result, a total of 2,855,000 common shares and 1,427,500 warrants were issued in this tranche closing. The total raised through the both closings of this private placement is approximately $659,600.

All shares and warrants issued in this financing will be subject to a four month hold period, expiring April 22, 2013.

Investors in this private placement include three insiders of the Company: Berthe Lambert, a Vendor and director of the Company who subscribed 350,000 common share units, Martin Lacasse, a director of the Company who subscribed for 420,000 common share units and Martin Lafrance, also a director who subscribed for 200,000 common share units.

Donald Theberge, President of Graniz commented: "Management and the Board are very pleased that the acquisition of a 75% interest in Mousseau West can proceed, and that the Company was able to raise substantial sums notwithstanding difficult market conditions. After closing these transactions, we look forward to undertaking the exploration of this exciting graphite prospect."

Cautionary Statement

Neither the 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Completion of the acquisition of Mousseau West and of the private placement are subject to a number of conditions, including but not limited to the TSX Venture Exchange'sacceptance. There can be no assurance that the acquisition of Mousseau West and of the private placement will be completed as proposed or at all.

The foregoing information may contain forward-looking statements relating to the future performance of Graniz Mondal Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the plans and expectations of Graniz. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Graniz with the TSX Venture Exchange/NEX and securities regulators. Graniz does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contacts:
Donald Theberge
President
(418) 572-0648

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence a...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
There is only one world-class Cloud event on earth, and that is Cloud Expo – which returns to Silicon Valley for the 21st Cloud Expo at the Santa Clara Convention Center, October 31 - November 2, 2017. Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers. Companies are each developing their unique mix of cloud technologies and service...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...