May 24 (Reuters) - Graphex Mining Ltd (GPX) :
- Signed a non-binding term sheet for proposed joint venture, offtake and prospective financing for Chilalo Graphite Project
- Term sheet involves equity investment of US$18-20m directly into wholly owned Graphex subsidiary, Ngwena Tanzania
- Parties are targeting project debt for up to 65pct of pre-production capital
- Term sheet contemplates execution of an offtake agreement for a minimum of 50pct of Chilalo product
- A break fee of US$1.8 million willbe payable if either party executes an alternative transaction within three months of term sheet
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