Big North Graphite Corp. (TSXV:NRT) signed a letter of intent to acquire Duncan Kerr Cobalt project and related production facilities and equipment from Trio Resources, Inc. (OTCPK:TRII) on October 3, 2016. Big North Graphite Corp. (TSXV:NRT) entered into a property purchase agreement to acquire Duncan Kerr Cobalt project and related production facilities and equipment from Trio Resources, Inc. (OTCPK:TRII) on October 11, 2016. Pursuant to the terms of the purchase agreement, Big North will issue to Trio 8.5 million common shares and certain cash consideration which is payable over a period of 24 months from closing of the transaction. The consideration 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 consideration shares will be subject to a hold period of four months and a day pursuant to applicable securities laws. Big North Graphite Corp intends to change its name to CobalTech Mining Inc. upon completion of the acquisition. The letter of intent is subject to a number of conditions, including, the due diligence, negotiation and execution of a definitive agreement and regulatory approvals. The transaction is also subject to the preparation of a National Instrument 43-101 technical report for the property.

Big North Graphite Corp. (TSXV:NRT) completed the acquisition of Duncan Kerr Cobalt project and related production facilities and equipment from Trio Resources, Inc. (OTCPK:TRII) November 23, 2016. Big North issued to Trio Resources, Inc. 8.5 million shares and will pay an aggregate of CAD 2 million. Big North paid CAD 0.15 million upon closing and will pay an additional CAD 0.65 million within 9 months of the closing date, and an additional CAD 1.2 million within 24 months of the closing date.