Scientific Energy amends graphite ore supply agreement; payment in stock, no advance payments

SCIENTIFIC ENERGY, INC

Amended agreement eliminates advance payments; payment now made after manufacturing graphite products from the ore.
Fixed price of $200 per metric ton of refined graphite powder output; covers mining and transport to Tamatave facility.
Payment in common stock at $0.50 per share, issued quarterly within 90 days of each settlement.
Term ends March 30, 2025; Supplier to provide ore for up to 100,000 tons of refined powder with >95% carbon content.
Parties will discuss renewal 30 days before expiration; price is output-based, not input-based.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SCIENTIFIC ENERGY, INC amended Amended and Restated Agreement for Purchase of Graphite Ore with Madagascar Graphite Limited (effective 2024-03-22).

Action: amendment
Agreement: supply
Counterparty: Madagascar Graphite Limited
Effective: 2024-03-22

Exact text from the filing

As previously reported, on January 18, 2024, Scientific Energy, Inc., a Utah corporation (the “Company”) entered into a Base Agreement for Purchase of Graphite Ore (the “Original Agreement”) with Madagascar Graphite Limited (the “Supplier”). On March 22, 2024, the Original Agreement was amended and restated by the parties.

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Source: SEC EDGAR

accession 0001276531-24-000004

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