Elcora Resources Corp. (TSXV:ERA) announced that after amending a previously announced binding letter of intent, it is set to acquire, for $2.25 million, all the issued and outstanding shares of Graphene Corp. (PvT) Ltd., located in Sri Lanka.
As quoted in the press release:
Graphene is the owner of exploration application licenses for 100 metric grid units located in Sri Lanka covering approximately 100 square kilometers (the “Graphite Claims”). Elcora will instead enter into an option agreement with Graphene to acquire the Graphite Claims (the “Option Agreement”). The acquisition of the Graphene common shares does not involve a Non Arms Length Party.
Elcora also intends to complete a non-brokered private placement offering at $0.16 per common share with a full warrant attached entitling the holder to acquire one common share of Elcora for $0.30 for 18 months (the “Offering”) for a minimum offering of $500,000 by issuing 3,125,000 common shares of Elcora and a maximum offering of $1,500,000 by issuing 9,375,000 common shares of Elcora.