Focus Graphite Comments on Proposed RTO Between Grafoid and Stria Lithium
KINGSTON, Ontario, Dec. 11, 2020 (GLOBE NEWSWIRE) -- Focus Graphite Inc. (“Focus” or the "Company") (TSX-V: FMS; OTCQX: FCSMF; FSE: FKC) commented today on Grafoid’s press release dated October 5, 2020 that the Company has signed a letter of intent dated September 23, 2020 (the "LOI") with Stria Lithium Inc. ("Stria"), which sets forth the general terms and conditions of a proposed business combination transaction that will result in a reverse takeover of Stria by Grafoid Shareholders.
Subject to the conditions set forth in the LOI, Stria and Grafoid will enter into a business combination transaction by way of a share exchange, amalgamation, arrangement or similar form of transaction, which will result in Grafoid becoming a wholly-owned subsidiary of Stria or otherwise combining its corporate existence with that of Stria. The final structure of the Acquisition is subject to receipt of final tax, corporate and securities law advice for both Stria and Grafoid.
As of June 30, 2020, Focus Graphite held 7,800,000 shares in Grafoid, representing approximately 16.38% of the total issued and outstanding shares of Grafoid.
About Focus Graphite
Focus Graphite Inc. is an advanced exploration company with an objective of producing flake graphite concentrate at its wholly owned Lac Knife flake graphite deposit located 27 km south of Fermont, Québec. In a second stage, to meet Quebec stakeholder interests of transformation within the province and to add shareholder value. Focus is evaluating the feasibility of producing value added graphite products including battery-grade spherical graphite.
Focus Graphite is a technology-oriented graphite development company with a vision for building long-term, sustainable shareholder value. Focus also holds a significant equity position in graphene applications developer Grafoid Inc.
For more information about Focus Graphite, please visit www.focusgraphite.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Focus Graphite Investor Contact:
Scott Anderson
Investor Relations
(858) 229-7063
Focus Graphite Inc.
Judith Mazvihwa-MacLean
CFO
(613) 581-4040
jmazvihwa@focusgraphite.com
