Alabama Graphite Corp. (CNSX:ALP) closed the Asset Purchase and Sale and Royalty Agreement entered into with Benton Resources Inc. (TSXV:BEX), wherein the Company acquired a 100% interest in the Hearst Graphite Project.
As quoted in the press release:
Alabama Graphite paid $8,000 in cash and issued 2,000,000 of its common shares (the “Shares”) at a deemed price of $0.20 per Share to Benton Resources in exchange for the Hearst Project. All of the Shares issued pursuant to the transaction are subject to a four-month hold period expiring on December 23, 2013. As well and pursuant to the terms of the Agreement, 500,000 of the Shares issued to Benton Resources are further subject to a 10-month trading restriction expiring on June 22, 2014, another 500,000 Shares are subject to a 16-month trading restriction expiring on December 22, 2014 and 500,000 Shares are additionally subject to a 22-month trading restriction expiring on June 22, 2015.