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Callinex options Neuron graphite project to Global Li-Ion Graphite

31st October 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

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VANCOUVER (miningweekly.com) – TSX-V-listed Callinex Mines has signed an option agreement with Global Li-Ion Graphite (Lion), whereby Lion can acquire a 100% interest in the Neuron graphite project, located in Northern Manitoba.

Under the terms of the cash-and-scrip accord, Lion will pay Callinex C$200 000 in cash and issue two-million shares to acquire the noncore asset.

Callinex advised on Monday that it would receive initial payments of about C$1.1-million, comprising C$200 000 cash and one-million shares within three days.

Lion has the option to acquire a 100% interest in the project by making additional payment of one-million shares within 24 months. Callinex will receive a further milestone payment of three-million shares if an economic study is completed on the project or on any claims within a 20 km area of interest.

Should Lion decide not to exercise the option agreement, then Callinex will retain 100% ownership of the project, along with the initial payments.

Edited by Samantha Herbst
Creamer Media Deputy Editor

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