Graniz Mondal Inc.

Graniz Mondal Inc.

September 27, 2011 16:24 ET

Graniz Mondal Inc. Enters Into Amending Agreement With Nightstar Resources Inc. and Announces Appointment of New Director

MONTREAL, QUEBEC--(Marketwire - Sept. 27, 2011) - Graniz Mondal Inc. ("Graniz")(NEX:GRA.H) announces that it has entered into amending agreement (the "Amending Agreement") with respect to the option agreement ("Original Agreement") that it entered into on June 30, 2011 with Nightstar Resources Inc. ("Nightstar"). Pursuant to the Original Agreement, Nightstar granted to Graniz the option (the "Option") to acquire a 60% undivided interest in a property owned by Nightstar in LaRonge, Saskatchewan (the "Property").

The Amending Agreement provides that in order to exercise the Option and acquire the 60% interest in the Property, Graniz must make the following payments and complete all of the following transactions:

  1. pay to Nightstar the following cash amounts, on and not before the following dates:
Date Cash Amount
June 30, 2012 $200,000
June 30, 2013 $200,000
June 30, 2014 $300,000
  1. complete an equity financing of $1,000,000 by December 15, 2011;
  2. graduate to Tier 2 of the TSX Venture Exchange by December 15, 2011; and
  3. acquire additional mining claims in Canada by December 15, 2011.

Except for the amendments referred to above, all provisions of the Original Agreement remain in full force and effect.
Graniz also announces that on September 6, 2011 Michel Lusignan was appointed as a director of Graniz. Mr. Lusignan is a business lawyer and has been a member of the Quebec Bar since 1982. He has acted as Secretary of and Legal Counsel to Graniz since July 2001 and has been involved with numerous public mining companies since 1996.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has passed upon the merits of the Original Agreement, Amending Agreement or any transaction contemplated thereby nor accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of Graniz Mondal Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from Graniz's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Graniz with the TSX Venture Exchange/NEX and securities regulators. Graniz does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact Information

  • Graniz Mondal Inc.
    Richard-Marc Lacasse
    (418) 564-8834