Overview

In a press release dated July 29, 2021, Gratomic Inc., a Canadian public exploration development-stage mining company and joint venture partner of Next Graphite, Inc. (“NGI”) announced that it had acquired the remaining 37% interest owned by NGI in the Aukam Graphite Mine located in the Republic of Namibia. Details of that announcement can be found in the “News” section of this web site and on the Gratomic web site. Gratomic’s objective is to complete the engineering at Aukam, build a mining facility at the site, and get the mine into production in 2023.

That sale effectively ended NGI’s mining exploration operations. The asset sale agreement called for NGI to receive cash and stock in publicly-traded Gratomic in exchange for its remaining 37% interest in Aukam. The cash portion of the transaction will be needed for NGI’s payables, taxes, and continuing operational expenses.  NGI’s business will not be closed until all its shareholders receive the Gratomic stock they are entitled to, which will be based upon the equity interest they held in NGI. All stock was restricted at the time of the agreement and will become fully unrestricted in 2023, with disbursements then to follow.