Mega Graphite Terminates Uley Property Acquisition

Mega Graphite Inc. announced it has agreed to terminate the Uley graphite property acquisition with Strategic Energy Resources of Australia (ASX:SER).

As quoted in the press release:

The definitive agreement, which was signed in July, 2011, contemplated an IPO on the Toronto Stock Exchange, a CDN $70 million minimum valuation for the Uley Graphite Property (Uley), issuing 33% or more of the issued capital of MEGA to SER shareholders to reflect the proposed value of Uley as well as 1.5% royalty on future sales revenues and a cash payment of $1 million.

Click here to read the Mega Graphite press release.