Focus Graphite Completes Definitive Asset Purchase Agreement
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2020-05-28
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Focus Graphite Completes Definitive Asset Purchase Agreement With Investissement Québec for the Company’s 50% Interest in the Kwyjibo Rare Earth Elements Project, Québec
KINGSTON, Ontario, May 25, 2020 (GLOBE NEWSWIRE) -- Focus Graphite Inc. (“Focus” or the 'Company') (TSX-V: FMS; OTCQX: FCSMF; FSE: FKC), an advanced exploration company focused on the production of graphite concentrate, today announced that the Company has completed the definitive asset purchase agreement for the sale of the Company’s 50% interest in the Kwyjibo rare earth elements Project to Investissement Québec for the sum of C$7,237,696.The Kwyjibo property consists of 116 map-designated claims (CDC) covering an area of 6,283.5 ha located a few kilometres north of Manitou Lake, approximately 125 km northeast of Sept-?les, in the C?te-Nord administrative district of Québec. The Kwyjibo claim block is also located 25 km east of the Québec North Shore and Labrador (QNSL) rail line and is accessible by air from float plane and helicopter bases located in or near Sept-?les.Gary Economo, Chief Executive Officer of Focus Graphite commented, “We are very pleased today to announce the completion of the asset purchase agreement with Investissement Québec to sell Focus Graphite’s 50% interest in the Kwyjibo Project. We believe the sale of this asset will unlock significant value to our shareholders and allow Focus Graphite to prioritize its resources on the remaining projects in the Company’s development pipeline.”The Company also announced that, subject to Exchange approval, it will seek to convert up to $1,500,000 of loans due to two of its Directors to shares at $0.02 per share.Focus Graphite Inc. is an advanced exploration company with an objective of producing graphite concentrate at its wholly owned Lac Knife flake graphite deposit located 27 km south of Fermont, Québec. In a second stage, to meet Quebec stakeholder interests of transformation within the province and to add shareholder value. Focus is evaluating the feasibility of producing value added graphite products including battery-grade spherical graphite.Focus Graphite is a technology-oriented graphite development company with a vision for building long-term, sustainable shareholder value. Focus also holds a significant equity position in graphene applications developer Grafoid Inc.
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