Canadian mining company Mason Graphite is set to acquire 40% of the issued and outstanding shares of privately-held research and development company Group NanoXplore, which would give Mason the capability to upgrade its flake graphite product to the sought-after graphene.

Mason Graphite is advancing its Lac Guéret flake graphite project in north-eastern Québec and stated that it has signed a letter agreement with NanoXplore.

The management teams at Forbes & Manhattan and Mason Graphite participated in a private placement of $700,000 for 875,000 common shares of Mason at a price of $0.80 a piece.

"We strongly believe that the relationships we have developed with global graphite customers in the last two decades will greatly benefit NanoXplore’s market penetration and distribution abilities."

Mason Graphite president and CEO Benoît Gascon said this alliance will connect the companies’ expertise and combine potential low-cost flake graphite from its Lac Guéret project and potential low-cost graphene from NanoXplore.

"Through this strategic alliance, we will eventually become NanoXplore’s exclusive supplier of natural flake graphite and we will actively be involved in all facets of their sales and marketing activities," Gascon said.

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The proposed transaction would be completed in two tranches, with Mason Graphite purchasing a 20% interest in NanoXplore for $350,000 by the end of this month.

Mason Graphite will then have the right to buy an additional 20% interest in NanoXplore by 31 July, for an additional $350,000, if the company is satisfied with NanoXplore’s operations and progress following the first tranche.

Mason Graphite would be appointed as NanoXplore’s sales, marketing and distribution agent upon closure of the first tranche, and its supplier of graphite upon closure of the second tranche.

Following the completion of key milestones, NanoXplore will consider an initial public offering (IPO), in order to improve its visibility and access to financing.