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Gratomic Inc (TSXV:GRAT) reports that while allowing certain mining claims at the Capim Grosso Property in Brazil to expire, significant remaining claims were wrongfully transferred to Bahia Graphite Ltda by former COO Armando Farhate. The transfer occurred when Farhate, who controlled the subsidiary Zumbi Mineração Ltda, resigned without returning control to Gratomic. The transfer was made in exchange for settling personal debts owed to Farhate and the former Country Manager.
Farhate wound up Zumbi without accounting for over US$1.9 million advanced by Gratomic for exploration. The company has retained legal counsel in Brazil and Canada to annul the transfer, recover the property, and seek damages. Upon recovery, Gratomic plans to sell the property while focusing on its Aukam Property in Namibia.
Gratomic has signed a non-binding Letter of Intent (LOI) with Tristream Capital for a $5.2 million CAD royalty financing.
The investment will be used to acquire a 5% Gross Sales Royalty (GSR) from sales of graphite at the Aukam Property, which will decrease to 1% after 5.5 years.
The agreement is subject to due diligence and a definitive agreement within 90 days.
Interest of 10% per year will be paid for the first six months. Gratomic will also be responsible for covering up to 30,000 GBP in due diligence expenses.
A finder's fee of 5% will be paid upon closing. The transaction awaits regulatory approval.
Currently, no mineral resources or reserves have been established, and the company plans to conduct a feasibility study on the Aukam Processing plant.
Gratomic Inc. has retained Mr. Ndelineekela Helao Shivolo as a government liaison consultant to strengthen its relationship with the Government of the Republic of Namibia for the Aukam Graphite Project. Shivolo, a seasoned geoscientist, brings over a decade of experience in mineral exploration, policy shaping, small-scale mining support, and strategic collaborations. Their expertise includes geology, mineral rights applications, business development, and project management. Shivolo holds multiple academic credentials and has been granted 1,000,000 options as part of the engagement.
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