Northern Graphite to Not Exercise or Extend Option to Acquire Stake in NeoGraf Solutions
Northern Graphite to Not Exercise or Extend
Option to Acquire Stake in NeoGraf Solutions
Ottawa, Ontario--(Newsfile Corp. - March 7, 2024) - Northern Graphite Corporation
(TSXV: NGC)
(OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG)
(the "
Company
" or "
Northern
") announces today that it
will not exercise or extend its agreement with Edgewater Capital Partners ("
Edgewater
") providing it
with an option to acquire a stake in NeoGraf Solutions, LLC ("
NeoGraf
"), and accordingly the option has
expired.
"Given current market conditions, and in consultation with NeoGraf, we have decided it is not in the best
interests of shareholders or the Company to exercise or extend the option at this time," said Northern
Chief Executive Officer Hugues Jacquemin.
"Our mine-to-market strategy has not changed, and together with our new Battery Materials Group, we
are going to continue to work closely with NeoGraf to explore ways to work together in this very important
partnership to develop cutting edge graphite applications, inside and outside of the battery industry," he
added.
NeoGraf is one of Northern's largest customers and is a leading provider of specialty, value-added
industrial products manufactured from natural graphite and has a strong intellectual property portfolio and
a blue-chip customer base.
"We will continue to explore different ways to enhance the partnership between NeoGraf and Northern as
both companies work to address evolving supply needs in the downstream market for graphite
products," said Edgewater Capital Partner and Chairman of the Board, Robert Girton.
"We continue to value our relationship with Northern Graphite, which is a win-win for our companies and
for our customers," said NeoGraf Chief Executive Officer Natesh Krishnan.
About Northern Graphite
Northern, the only graphite producing company in North America, is a Canadian, TSX Venture Exchange
listed company that is focused on becoming a world leader in producing natural graphite and upgrading
it into high-value products critical to the green economy, including anode material for lithium-ion
batteries/EVs, fuel cells and graphene, as well as advanced industrial technologies.
Northern owns and operates the Lac des Iles graphite mine in Quebec and expects to become the third-
largest natural graphite producer outside of China when its Namibian operations come back online. The
Company also has the large-scale Bissett Creek project in Ontario, and substantial additional measured
and indicated resources in Namibia and the Mousseau property in Quebec, which are expected to be
sources of continued production growth in the future.
All projects have "battery quality" graphite and are
located close to infrastructure in politically stable jurisdictions.
For Media Inquiries Contact
Pav Jordan, VP of Communications
Email:
For Additional Information
Please visit the Company's website at
northerngraphite.com
, the Company's profile on
www.sedarplus.ca
our
Social Channels
listed below or contact the Company at (613) 271-2124.
YouTube
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain "forward-looking statements" within the meaning of applicable
Canadian securities laws. Forward-looking statements and information are frequently characterized by
words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential",
"possible" and other similar words, or statements that certain events or conditions "may", "will",
"could", or "should" occur. Forward-looking statements in this news release include statements
regarding, among others, the Company's intentions enhance its partnership with NeoGraf, to bring its
Namibian operations back online and develop its other graphite projects. All such forward-looking
statements are based on assumptions and analyses made by management based on their
experience and perception of historical trends, current conditions and expected future developments,
as well as other factors they believe are appropriate in the circumstances. However, these statements
are subject to a variety of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected including, but not limited to, unexpected changes in
laws, rules or regulations, or their enforcement by applicable authorities; the failure of other parties to
perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or
inadequacy of infrastructure and the failure of ongoing and contemplated studies to deliver
anticipated results or results that would justify and support continued studies, development or
operations and the inability to raise required financing. Readers are cautioned not to place undue
reliance on forward-looking information or statements.
Although the forward-looking statements contained in this news release are based on what
management believes are reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with them. These forward-looking statements are made as of the date
of this news release and are expressly qualified in their entirety by this cautionary statement. Subject
to applicable securities laws, the Company does not assume any obligation to update or revise the
forward-looking statements contained herein to reflect events or circumstances occurring after the
date of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
news release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/200825