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Subsequent Events
12 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
Subsequent Events

 

NOTE 8 – SUBSEQUENT EVENTS

 

Effective July 18, 2012, in accordance with approval from the Financial Industry Regulatory Authority (“FINRA”), we changed our name from Green & Quality Home Life, Inc. to American Graphite Technologies Inc. and increased our authorized capital from 75,000,000 to 200,000,000 shares of common stock, par value of $0.001.  In addition, our issued and outstanding shares of common stock increased from 619,500 to 77,437,500 shares of common stock, par value of $0.001 on the basis of a 125:1 forward split of our issued and outstanding shares of common stock.

 

On July 30, 2012, the Company entered into consulting services agreements with two individuals to supply research, business plan review, acquisition assistance, technology and product assessments, website and IT support among other services for a period of one year, expiring on July 29, 2012.    The Company agreed to issue 150,000 options to each contractor exercisable at $0.25 per share and expiring 60 days from the termination of the consulting agreements.   Further, the Company will pay all expenses related to the provision of services by the consultants.

 

On July 31, 2012, the Company entered into a Letter of Intent (“LOI”) with a private US company. The LOI, grants us an option to participate in a 100% interest in all of certain  property rights held by the U.S. private company. To exercse 80% under the  Option, we are required to pay accumulated cash amount of $106,500 and 1,000,000 common stock of  the Company in three periods within 30 months of the signing of the LOI.  We must commit to spend an accumulated amount of $175,000 on exploration expenditures. To earn the remaining 20% under the Option, we will deliver a resource Estimate within 42 months of signing the LOI. The  private U.S. company will maintain a 2% Net Smelter Returns Royalty on the Property.  As of the date of this filing we have not progressed the LOI to a definitive agreement.

 

On August 29, 2012, we entered into a Financing Agreeement with one non-US investor pursuant to which, the investor will make available up to $2,500,000 by way of advances until August 29, 2013 (the “Completion Date”) in accordance with

the terms of the agreement.  The Completion Date may be extended for an additional term of up to twelve months at the option of our company or the investor upon written notice on or before the Completion Date in accordance with the notice provisions of the Financing Agreement.  We will issue, within ten (10) Banking Days following the date of the receipt by our company of any advance under the agreement, shares of our common stock at a price equal to 80% of the average of the closing prices of our common stock for the preceding 5 Banking Days immediately preceding the date of the notice, as quoted on Yahoo Finance or other source of stock quotes as agreed to by the parties.

 

On September 5, 2012, we issued 781,250 shares of our common stock at a price of $0.64 per share, pursuant to the closing of a private placement, for gross proceeds of approximately $500,000.  The private placement is an advance pursuant to a financing agreement that we entered into on August 29, 2012 whereby the investor will make available up to $2,500,000 by way of advances until August 29, 2013  in accordance with the terms of the agreement.