BIG NORTH GRAPHITE CLOSES
ACQUISITION OF A 100% INTEREST IN DUNCAN KERR COBALT PROPERTY IN
ONTARIO
AND FILING OF TECHNICAL REPORT
AND ANNOUNCES NAME CHANGE AND MANAGEMENT CHANGE
NEW NAME: COBALTECH MINING
INC.
NEW SYMBOL: CSK
Vancouver, BC., November 23, 2016 BIG NORTH GRAPHITE
CORP. (TSXV:NRT)
(the "Company") is pleased to announce that
further to its press release of October 20, 2016, it has now
completed the acquisition (the "Acquisition")
ofthe past producing Duncan Kerr Property (the
"Property") and related production facilities and
equipment all located in the Cobalt region of Ontario, Canada
pursuant to a property purchase agreement dated October 14, 2016
(the "Purchase Agreement") with TrioResources AG
Inc. (Trio).
Pursuant to the terms of the Purchase Agreement, Big North
issued to Trio 8,500,000 common shares (the "Payment
Shares") in the capital of the Company at a deemed price
of $0.15 per Payment Share and will pay Trio an aggregate of
$2,000,000. Big North paid $150,000 upon closing of the Acquisition
(the "Closing Date") to be used to satisfy certain
secured debts owing on the Property, and will pay an additional
$650,000 within 9 months of the Closing Date, and an additional
$1,200,000 within 24 months of the Closing Date (such payments
subject to acceleration in certain circumstances). The Payment
Shares are subject to a voluntary pooling agreement and will be
released over a period of 18 months from the Closing Date, with 33
1/3% being released every six months from the Closing Date. The
Payment Shares will be subject to a hold period of four months and
a day pursuant to applicable securities laws. In connection with
the Acquisition, the Company has agreed to pay 1821 Capital Corp.,
an arms length finder, an aggregate of $196,250 over a period of 24
months from the Closing Date.
The Company has filed a National Instrument 43-101 compliant
technical report with respect to the Property dated October 14,
2016 and titled NI 43-101 Technical report on the Duncan Kerr
Property Larder Lake Mining Division, Northeastern Ontario (the
"Technical Report"). The Technical Report is
available under the Companys profile on SEDAR.
"With the closing of this acquisition, CobalTech Mining Inc has
quickly become a leader amongst its peers within the current North
American landscape " commented Spiro Kletas, the Companys outgoing
President and CEO. "We believe that the Company will be able to be
milling and selling a bulk concentrate to customers in the near
term. As such, we are extremely pleased to be in this great
position. It is also a great time to begin bringing in a more
technically experienced team, namely seasoned executives that can
insure we maintain not only our market leadership, but also build
solid shareholder value on strong market fundamentals that are
currently before us today."
About the Duncan Kerr Property:
The Duncan Kerr property is located within the historical Cobalt
camp in northeastern Ontario and comprises 32.374ha and encloses
the former Kerr and Lawson Mines which saw estimated total
production of 32,715,590 ounces of silver (1060 tons) with Cobalt
as a significant by product of production.
Name Change and Management Appointments:
The Company is also pleased to announce it has changed its
name to "CobalTech
Mining Inc". and will commence trading under the symbol
"CSK" on
the TSX Venture Exchange effective at the opening on November 24,
2016.The Company is pleased to announce that it has appointed Mr.
Antoine Fournier as President and CEO. Mr. Fournier is a
professional geologist with 25 years of experience in the
exploration of industrial and high-tech metals, as well as precious
metals.
His primary role will be to evaluate the current state of
development of the Duncan Kerr Project and determine the best route
to accelerate this asset up the value curve and into
production.
Spiro Kletas has resigned as President, CEO and Corporate
Secretary of the Company. The Board of Directors would like to
thank Mr. Kletas for all of his hard work and dedication in these
roles, and wishes him all the best in his future endeavours. Mr.
Kletas will remain a Director of CobalTech Mining Inc.
About Cobalt:
Cobalt is an essential component of the Li-ion batteries found
in most small electronic devices currently being manufactured such
as mobile phones, laptops and digital cameras. Cobalt in the form
of oxides makes up the cathodes. The main advantage of the
cobalt-based Li-ion batteries is the high specific energy ideal for
smaller batteries.
ON BEHALF OF THE BOARD
(Signed) Spiro Kletas
Spiro Kletas
President and Chief Executive Officer
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