Exploration company Focus Graphite has completed a definitive asset purchase agreement for the sale of the company’s 50% interest in the Kwyjibo rare-earth elements project to Investissement Québec for C$7.24-million.
The Kwyjibo property consists of 116 map-designated claims covering an area of 6 283.5 ha, located a few kilometres north of Manitou Lake.
The Kwyjibo claim block is also located 25 km east of the Québec North Shore and Labrador rail line and is accessible by air from float plane and helicopter bases located in or near Sept-Îles.
“We believe the sale of this asset will unlock significant value to our shareholders and allow Focus Graphite to prioritise its resources on the remaining projects in the company’s development pipeline,” said CEO Gary Economo.
Meanwhile, Focus said that, subject to exchange approval, it would seek to convert up to $1.5-million of loans, owing to two of its directors, to shares at $0.02 a share.