The new 383km² of prospective graphite projects along with the recently announced deal to buy Mahenge North project increases Green Rock’s total area at Mahenge to 675km².
Under the terms, Green Rock has been granted an option to buy the Mahenge projects for non-refundable cash of $50,000 as well as issue 8,000,000 of its shares.
It has up to four months to explore the Mahenge projects, and committed to spend of $20,000 on exploration activity and due diligence.
The company has prepared a technical and commercial program and will soon mobilise a field team to commence ground activities.
If Green Rock chooses to exercise the option, it should issue 80,000,000 shares to the vendors of the projects, and commit to invest minimum of $500,000 in the first one year.
The transaction is subject to Green Rock shareholders and regulatory approvals.
