Canada Carbon Secures Surface Access Rights for Miller Hydrothermal Lump-Vein Graphite Property
09:49 AM EDT, 09/05/2013 (MidnightTrader) -- Canada Carbon Inc. (
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) is down 1 cent (4.35%) to 22 cents in early trade after announcing that it has entered into a surface access agreement with two landholders who are affiliated with each other regarding the Miller Hydrothermal Lump-Vein Graphite Property. The agreement provides the company with surface access for an initial period of five years and allows Canada Carbon (
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) to carry out regular graphite prospecting and exploration programs and obtaining and testing geochemical or metallurgic samples.
Canada Carbon (
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) has agreed to issue 40,000 common shares to the landholder for the first year of the Term, and for each subsequent year of the Term and until the company begins operating the property as a mine, either 40,000 additional common Shares, or $5,000 payable in cash, at the landholder's option. Should Canada Carbon (
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) begin Commercial Production during the Term, the payments outlined above will cease and the landholder will be entitled to a 2.5% net smelter royalty upon and subject to the terms of definitive royalty agreements.
Price: 0.22, Change: -0.01, Percent Change: -4.35
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