Mineral Commodities (ASX: MRC) set to take 100% control of Skaland graphite operation

July 12, 2023 05:40 PM AEST | By Team Kalkine Media

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Mineral Commodities (ASX: MRC) set to take 100% control of Skaland graphite operation — Image source: company update

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Highlights

Mineral Commodities’ subsidiary MRCGN has came to settlement with BSG on all outstanding matters.

MRCGN will acquire BSG’s interest in Skaland graphite project.

MRC is focused on achieving graphite ore-to-battery anode piloting to produce anode materials from its assets in 2023.

Mineral Commodities Ltd (ASX: MRC) is set to take 100% ownership of Skaland Graphite AS. The latest development follows a recent company update highlighting an agreement towards the settlement of disputes between MRC Graphite (Norway) Pty Ltd (MRCGN), a subsidiary of MRC, and minority ~10% shareholder BSG Mining LLC.

With this settlement, MRCGN will take 100% ownership of Skaland Graphite AS by acquiring BSG’s ~10% shareholding in Skaland for a total of US$1.9 million.

Details of the terms of the settlement
The disputes were in relation to the shareholders deed between MRCGN, BSG and Skaland entered into on 13 February 2020.

As per the latest development, MRCGN has agreed to make a payment of over US$1.26 million to BSG by 7 July 2023 and US$633,333 by 17 November 2023.

On payment of the first tranche, the parties involved will be free from all claims, and would withdraw all dispute notices and default notices, and any other claims regarding the shareholders deed or the proceedings.

MRC shares traded at AU$ 0.051 on 12 July 2023.

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