Xiamen Tungsten Co.,Ltd. (SHSE:600549) signed a memorandum of understanding to acquire 20% stake in Grafoid Inc. from Focus Graphite Inc. (TSXV:FMS) and other shareholders on March 23, 2016. Xiamen Tungsten will acquire up to a 20% equity position in Grafoid through the purchase of common shares. A due diligence process was concluded by May 22, 2016.

Xiamen Tungsten Co.,Ltd. (SHSE:600549) completed the acquisition of 20% stake in Grafoid Inc. from Focus Graphite Inc. (TSXV:FMS) and other shareholders on May 22, 2016.