Big North Announces Notice of Default on El Tejon Project and Resignation of Directors
VANCOUVER, BC / ACCESSWIRE / June 5, 2015 / BIG NORTH GRAPHITE CORP. (TSXV: NRT) (the "Company" or "Big North"), announces that it has received notice alleging that it is in default under its property agreement (as detailed in the Company's press release dated February 5, 2014), as amended, (the "Acquisition Agreement") for the El Tejon project in Oaxaca, Mexico. Under the terms of the Acquisition Agreement, the company was required to make a cash payment on June 1, 2015. Pursuant to the terms of the Acquisition Agreement, Big North has 30 days from receipt of the notice to cure the default. In the event that the Company elects not to cure during the 30 day period, the vendor's sole and exclusive remedy is limited to the return of the El Tejon property and Big North will have no further obligations or liabilities to the vendors pursuant to the Acquisition Agreement or otherwise. Management of the Company is currently considering all options available to it and will issue a further news release once a definitive decision is made.
Resignation of Directors
Big North has received and accepted letters of resignation from the Board of Directors from Daniel Bleak and Cesar Guajardo. Mr. Bleak served as a Director of Big North from March 3, 2014 until June 1, 2015. Mr. Guajardo served as a director of the company from December 31, 2013 to June 4, 2015. The Board thanks Mr. Bleak and Guajardo for their service.
ON BEHALF OF THE BOARD
(signed) "Spiro Kletas"
President and Chief Executive Officer
Telephone: (604) 629-8220
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
SOURCE: Big North Graphite Corp.