Big North Announces Conversion of Debt and Graphite Sale 260 T of Amorphous Graphite in November
Vancouver, B.C. / TNW-ACCESSWIRE / December 4, 2014 / Big North Graphite Corp. (TSX-V: NRT) (the "Company" or "Big North"), announces that further to the Company's news releases of January 9, 2014, and August 5, 2014, that all debt associated with the $250,000 of unsecured convertible notes ("Convertible Notes") previously issued has been converted. The principal and interest was paid to the holders via the issuance of shares of Big North ("Shares").
Big North entered into a binding letter agreement on August 29, 2014 with Flinders Resources Ltd. ("Flinders") under which Flinders will acquire all of the issued and outstanding common shares of Big North by way of a plan of arrangement under the Business Corporations Act (British Columbia). As per the Company's agreement with Flinders (see news release dated September 2, 2014), the Convertible Notes were to be converted or redeemed as a condition of closing of the arrangement. Flinders and Big North are currently completing due diligence in relation to this transaction.
Three arm's length parties have acquired an aggregate of 3,160,547 Shares in the capital of the Company pursuant to the conversion of the principal and accrued interest of the Convertible Notes issued in January, 2014 (see press release dated January 9, 2014). In accordance with the terms of the Convertible Notes (and subsequent to the Company's news release dated August 9, 2014), an aggregate of $150,000 of principal was converted into 3,000,000 Shares and 3,000,000 common share purchase warrants. In addition, an aggregate of $8,027.38 of accrued interest was converted into 160,547 Shares at a conversion price of $0.05 per Share.
Graphite Sale
Big North further announces that it has made a sale of 260 tons of amorphous graphite from the Company's project in Sonora, Mexico. The majority of the tonnage sold was lower grade amorphous graphite, crushed to minus 3/4 and all was sold to customers in Mexico.
About Big North Graphite Corp.
Big North is a graphite development and exploration company focused on select projects in Mexico and Canada, including the past producing El Tejon flake graphite mine and mill in Oaxaca, Mexico. Big North is poised to capitalize on the increasing strategic demand for graphite throughout the world, a demand that is being driven by the growth in new, green technologies including the lithium ion batteries that are being used in hybrid and fully electric vehicles.
For further information please contact Spiro Kletas at (604) 629-8220.
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 policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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