Welcome!

Microsoft Cloud Authors: Pat Romanski, Lori MacVittie, Andreas Grabner, Jim Kaskade, John Basso

News Feed Item

Graniz Reinstated on NEX Following Completion of Financing and Acquisition of Mousseau West Graphite Property

LEVIS, QUEBEC -- (Marketwire) -- 12/28/12 -- GRANIZ MONDAL INC. (the "Company") (TSX VENTURE:GRA.H) announces that it has been advised by the TSX Venture Exchange that trading in the Company's shares on the NEX will be reinstated, effective the opening December 31, 2012.

This reinstatement follows the TSX Venture Exchange's approval of 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.

Background of Trading Halt, Suspension and Reinstatement on NEX

On September 25, 2012, the NEX announced that trading in Company shares would be suspended because of the Company's failure to submit, by September 20, 2012, the required application and other documents seeking to have trading of Company shares resume as the original reason for the halt in trading was no longer applicable.

Subsequently, the Company prepared and submitted an application to the TSX Venture Exchange for reinstatement, and provided the requested documents and information.

In light of this reinstatement, the Company is issuing this announcement further to its press release of December 21, 2012, so as to provide investors with a comprehensive summary of its acquisition of an interest in the Mousseau West property and the related private placement of securities.

Acquisition of Mousseau West

The Company 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").

This acquisition and the related private placement were undertaken to reactivate the Company, but they do not constitute a reverse takeover under the policies of the TSX Venture Exchange and they are not at this time sufficient to allow the Company to graduate to Tier 2 on the TSX-V. Therefore, the Company will remain on the NEX following the completion of these transactions.

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 mining claims comprising Mousseau West are identified in Schedule "A" to the Management Information Circular prepared by the Company and sent to shareholders in advance of the Meeting. (A copy of the Management Information Circular may be viewed at www.sedar.com.) The Company's purpose in acquiring an option for an interest in the Mousseau West property is to explore 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. 

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, and a second closing was recently completed raising proceeds of $342,600. The total raised through the both closings of this private placement was approximately $659,600 through the issuance of common share units at $0.12 per unit, those units having separated at closing into 5,496,666 common shares and 2,748,333 warrants. The warrants are exercisable for one year at $0.24 per share. All shares and warrants issued in this financing will be subject to a four month hold period

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 shares of Graniz Mondal Inc. are being reinstated on the NEX. Having now acquired an option for an interest in a very interesting graphite property, and having succeeded in raising considerable sums notwithstanding challenging market conditions, the Company looks forward to moving ahead with its exploration plans for Mousseau West."

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
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
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, will share examples from a wide range of industries – includin...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2017 New York The 7th Internet of @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, New York. Chris Matthieu is the co-founder and CTO of Octoblu, a revolutionary real-time IoT platform recently acquired by Citrix. Octoblu connects things, systems, people and clouds to a global mesh network allowing users to automate and control design flo...
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
"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.
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...