Gratomic Provides Update on the Capim Grosso Property in Brazil
Gratomic Inc (TSXV:GRAT) reports that while allowing certain mining claims at the Capim Grosso Property in Brazil to expire, significant remaining claims were wrongfully transferred to Bahia Graphite Ltda by former COO Armando Farhate. The transfer occurred when Farhate, who controlled the subsidiary Zumbi Mineração Ltda, resigned without returning control to Gratomic. The transfer was made in exchange for settling personal debts owed to Farhate and the former Country Manager.
Farhate wound up Zumbi without accounting for over US$1.9 million advanced by Gratomic for exploration. The company has retained legal counsel in Brazil and Canada to annul the transfer, recover the property, and seek damages. Upon recovery, Gratomic plans to sell the property while focusing on its Aukam Property in Namibia.
Gratomic Inc (TSXV:GRAT) riferisce che, mentre alcuni diritti minerari nel Progetto Capim Grosso in Brasile sono scaduti, significativi diritti rimanenti sono stati trasferiti illecitamente a Bahia Graphite Ltda dall'ex COO Armando Farhate. Il trasferimento è avvenuto quando Farhate, che controllava la controllata Zumbi Mineração Ltda, si è dimesso senza restituire il controllo a Gratomic. Il trasferimento è stato effettuato in cambio della risoluzione di debiti personali dovuti a Farhate e all'ex Country Manager.
Faharate ha chiuso Zumbi senza rendicontare oltre US$1,9 milioni anticipati da Gratomic per l'esplorazione. L'azienda ha assunto un legale in Brasile e Canada per annullare il trasferimento, recuperare la proprietà e chiedere danni. Dopo il recupero, Gratomic prevede di vendere la proprietà mentre si concentra sul suo Progetto Aukam in Namibia.
Gratomic Inc (TSXV:GRAT) informa que, mientras dejaba expirar ciertos derechos mineros en la Propiedad Capim Grosso en Brasil, se transfirieron de manera indebida derechos significativos a Bahia Graphite Ltda por el ex COO Armando Farhate. La transferencia ocurrió cuando Farhate, que controlaba la filial Zumbi Mineração Ltda, renunció sin devolver el control a Gratomic. La transferencia se realizó a cambio de liquidar deudas personales que Farhate tenía con la empresa y con el ex Country Manager.
Faharate liquidó Zumbi sin rendir cuentas de más de US$1.9 millones adelantados por Gratomic para exploración. La empresa ha contratado asesoría legal en Brasil y Canadá para anular la transferencia, recuperar la propiedad y buscar daños. Una vez recuperada, Gratomic planea vender la propiedad mientras se centra en su Propiedad Aukam en Namibia.
Gratomic Inc (TSXV:GRAT)은 브라질의 카핑 그로소 부지에서 일부 광산 청구권이 만료되는 동안, 전 COO 아르만도 파르하테가 잘못하여 중요한 남은 청구권을 바히아 그래파이트 리미타다에 이전했다고 보고했습니다. 파르하테는 자회사인 줌비 미네라상 리미타다를 통제하고 있었고, 그라토믹에 대한 통제권을 반환하지 않고 사임했습니다. 이 이전은 파르하테와 전 국가 관리자에게 개인적인 빚을 해결하기 위한 대가로 이루어졌습니다.
파르하테는 그라토믹이 탐사를 위해 미리 지급한 190만 달러 이상에 대한 회계 없이 줌비를 청산했습니다. 이 회사는 이전을 무효화하고 소유권을 회복하며 손해 배상을 청구하기 위해 브라질과 캐나다에서 법률 자문을 고용했습니다. 회복 후, 그라토믹은 나미비아의 아우캄 재산에 주력하면서 이 재산을 매각할 계획입니다.
Gratomic Inc (TSXV:GRAT) rapporte que, tout en laissant expirer certaines demandes minières sur la propriété de Capim Grosso au Brésil, des demandes significatives restantes ont été transférées à tort à Bahia Graphite Ltda par l'ancien COO Armando Farhate. Le transfert a eu lieu lorsque Farhate, qui contrôlait la filiale Zumbi Mineração Ltda, a démissionné sans rendre le contrôle à Gratomic. Le transfert a été effectué en échange du règlement de dettes personnelles dues à Farhate et à l'ancien Country Manager.
Farhate a mis fin à Zumbi sans rendre compte de plus de 1,9 million USD avancés par Gratomic pour l'exploration. L'entreprise a retenu des conseils juridiques au Brésil et au Canada pour annuler le transfert, récupérer la propriété et demander des dommages-intérêts. Une fois la propriété récupérée, Gratomic prévoit de la vendre tout en se concentrant sur sa propriété d'Aukam en Namibie.
Gratomic Inc (TSXV:GRAT) berichtet, dass während die Ausübung bestimmter Bergbauansprüche auf dem Capim Grosso Grundstück in Brasilien ablief, bedeutende verbleibende Ansprüche unrechtmäßig von dem ehemaligen COO Armando Farhate an Bahia Graphite Ltda übertragen wurden. Die Übertragung fand statt, als Farhate, der die Tochtergesellschaft Zumbi Mineração Ltda kontrollierte, ohne die Kontrolle an Gratomic zurückzugeben, zurücktrat. Die Übertragung erfolgte im Austausch gegen die Begleichung persönlicher Schulden, die Farhate und dem ehemaligen Country Manager geschuldet waren.
Farhate schloss Zumbi, ohne über 1,9 Millionen US-Dollar Rechnungsbetrag zu berichten, die Gratomic für Erkundungen vorab bereitgestellt hatte. Das Unternehmen hat Rechtsbeistand in Brasilien und Kanada beauftragt, um die Übertragung zu annullieren, das Grundstück zurückzugewinnen und Schadensersatz zu verlangen. Nach der Rückgewinnung plant Gratomic, das Grundstück zu verkaufen, während es sich auf seine Aukam-Immobilie in Namibia konzentriert.
- Company plans to monetize Capim Grosso Property through sale after recovery
- Strategic decision to focus resources on Aukam Property in Namibia
- Wrongful transfer of valuable mining claims to competitor
- Loss of control over subsidiary Zumbi Mineração
- US$1.9 million in exploration advances unaccounted for
- Legal expenses expected for property recovery efforts
- Potential delays and uncertainty in legal proceedings outcome
TORONTO, ON / ACCESSWIRE / December 11, 2024 / Gratomic Inc. ("Gratomic", "GRAT", orthe "Company") (TSXV:GRAT) provides an update on its Capim Grosso Property in Brazil. The Company allowed certain of the mining claims comprising the Capim Grosso Property to expire with a view to focusing Management's attention and resources on its Aukam Property in Namibia. The costs of further exploration and development of the Capim Grosso Property would have been a drain on the Company's resources that were not justified in the current market environment. However, the remaining claims on which significant expenditures had been made have been wrongfully transferred by the former Chief Operating Officer and Head of Graphite Marketing & Sales Officer and director of the Company, Armando Farhate.
Mr. Farhate was the Bylaws-appointed Officer of the Company's wholly-owned indirect subsidiary Zumbi Mineração Ltda ("Zumbi") which held the Capim Grosso Property. When Mr. Farhate resigned as an officer and director of Gratomic, he did not relinquish control of Zumbi to the Company. Mr. Farhate wrongfully filed a request for the total assignment and transfer of the mineral rights of the remaining claims comprising the Capim Grosso Property to Bahia Graphite Ltda ("Bahia Brazil") with the Agência Nacional de Mineração ("ANM") but the ANM has not yet reviewed or approved any such transfer agreements.
Bahia Brazil is a wholly-owned subsidiary of Bahia Graphite Corporation ("Bahia Graphite"), a British Columbia incorporated company, that includes in its corporate presentation reference to the mineral resource estimate published by Gratomic for the for Capim Grosso Property (see Press Release dated August 16, 2023) and refers to the "12 tenements previously developed by other company" as the Lajedo Graphite Project. Mr. Farhate is the Chief Executive Officer of Bahia Graphite and the former Country Manager for Gratomic in Brazil is the President of Bahia Graphite.
Mr. Farhate implemented the wrongful transfer of the Capim Grosso Property to Bahia Brazil, at his own and exclusive discretion, in exchange for a release and settlement of debts which were actually owed to him personally by Gratomic for director fees and consulting fees as the Chief Operating Officer of Gratomic along with a release and settlement of debts which were actually consulting fees and debts owed by Gratomic to its former Country Manager. Mr. Farhate wound up Zumbi without accounting for the more than US
The Company has retained counsel in Brazil and Canada to provide advice and guidance with respect to the annulment of Mr. Farhate's wrongful acts, recovery of the Capim Grosso Property and proceeding with litigation against Mr. Farhate and any third parties acting in concert with Mr. Farhate for wrongfully transferring the Capim Grosso Property to Bahia Graphite for his own personal benefit and the benefit of the former Country Manager.
The Company intends to pursue all legal avenues in Brazil and Canada to recover the Capim Grosso Property and seek damages from Mr. Farhate (and any third parties acting in concert with Mr. Farhate) for his wrongful acts.
The Company is confident that the Courts of Brazil and Canada will recognize the wrongful acts committed by Mr. Farhate.
After recovering the Capim Grosso Property, the Company intends to find a buyer for the property to properly compensate the Company for the work performed in Brazil on the Capim Grosso Property while the Company remains focused on advancing the Aukam Property. None of the allegations set out above by the Company have been proven in a court of law.
About Gratomic
Gratomic is a multinational company with projects in Namibia, Brazil, and Canada. The Company aims to become a graphite supplier and to secure a strong position in the electric vehicle battery supply chain through the development of its flagship Aukam Graphite Mine.
Large quantities of high-quality vein graphite have been shipped for testing and have confirmed its suitability as an anode material. The Company will continue to update the public on the status of these tests and will share results as they become available.
For more information
Contact: Arno Brand at (416) 561- 4095
"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."
Forward-Looking Statements
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof, and except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR+ in Canada (available at www.sedarplus.com).
SOURCE: Gratomic Inc.
View the original press release on accesswire.com
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