Noram Ventures Inc. (TSXV:NRM) signed a Letter of Intent with Refmin China Co., Limited to enter into a sub-option and joint venture agreement on the Jumbo flake graphite property in British Columbia. Refmin China Co., Limited is a manufacturer and distributor of vital raw materials including graphite to a diverse group of industries internationally.
As quoted in the press release:
Noram currently holds an exclusive option to earn a 100% interest in the Property, and will grant to Refmin a sub-option (the “Earn-in Option”) to earn up to a 50% interest in the Property. In order to exercise the Earn-in Option and acquire a 50% interest in the Property, Refmin will be required to: (1) contribute their knowledge and expertise in the manufacturing and marketing of graphite products; and (2) fund all costs with respect to the development of a mine for the Property (the “Development Costs”), subject to Noram providing to Refmin a National Instrument 43-101 compliant feasibility study on the Property.