Scientific Energy Inc (SCGY) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Scientific Energy, Inc. has entered a six-year Agreement with Madagascar Graphite Limited to secure a stable supply of graphite ore for its new subsidiary, Graphite Energy, Inc.’s production line in Madagascar. The Agreement outlines the purchase of graphite ore to produce 600,000 tons of graphite refined powder at a discounted price of $120 million, with the Supplier receiving an upfront payment of 40% in company shares. These shares will be held in escrow and cannot be sold by the Supplier for three years, adhering to U.S. securities laws.
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