MONTRÉAL, Oct. 26,
2022 /CNW/ - Mason Graphite Inc. ("Mason
Graphite" or the "Company") (TSXV: LLG) (OTCQX: MGPHF)
announced today that the Company has completed its change of
business from a "Tier 2 mining issuer" to a "Tier 2 investment
issuer" (the "COB") pursuant to Policy 5.2 – Changes of
Business and Reverse Takeovers of the TSX Venture Exchange (the
"TSX-V") which was approved at the special meeting of
shareholders of the Company held on July 14,
2022.
Governance Change
The Company also announced today that Mr. Peter Damouni has been nominated as the new
President, Chief Executive Officer and Corporate Secretary of the
Company. Mr. Damouni was previously the Executive Director of the
Company since January 2021.
New Mason Graphite
Upon completion of the COB, the business plan of Mason Graphite
consists of moving from a junior mining company to a company
focused on seeking investment opportunities, as evidenced by the
entering into the option and joint venture agreement (the
"OJVA") with Nouveau Monde Graphite Inc. ("NMG"),
with the intention to continue to create value for Mason Graphite's
shareholders. See the Company's press releases dated May 16 and July 20,
2022.
Mason Graphite's investment objectives are:
- to seek an above average return on investment to continue to
create significant value for its shareholders;
- to use investment income to fund other investment opportunities
with attractive risk-to-reward profile; and
- to create synergies among its investments, including its
management involvement into the management, business, operations
and strategies of its investment portfolio.
Mason Graphite's strategy is to develop vertical and horizontal
integration in the mining industry, with a special focus on
industrial and specialty minerals, notably battery-related
materials and their by-products. This approach will be achieved by:
(i) leveraging the skillset and expertise of the Board of Directors
of the Company (the "Board") and management to review,
diligence and de-risk investment opportunities, and (ii) adopting a
flexible approach to its investments.
As of September 30, 2022, Mason
Graphite's investments consisted of:
- 117,800,000 common shares of Black Swan Graphene Inc.
("Black Swan Graphene") (TSX-V: SWAN) (see "Black Swan
Graphene's Qualifying Transaction"); and
- approximately $9,694,458 in cash
or cash equivalents (excluding any cash or cash equivalents of
Black Swan Graphene).
Assuming the exercise or deemed exercise by NMG of the option
pursuant to the OJVA, Mason Graphite's investments will also
include a participating interest in the joint venture with NMG of
49.0%.
See the Company's management information circular dated
June 17, 2022 under the Company's
profile on SEDAR at www.sedar.com.
TSX-V Approval
The TSX-V has conditionally approved the COB, subject to the
Company fulfilling all of the requirements of the TSX-V. Although
the Company anticipates to receive the final approval of the TSX-V,
there is no guarantee that the COB will receive final TSX-V
approval.
Black Swan Graphene's Qualifying Transaction
Effective on August 2, 2022, Black
Swan Graphene completed its share exchange transaction with
Dragonfly Capital Corp. ("Dragonfly") initially announced on
December 16, 2021. This transaction
between Black Swan Graphene and Dragonfly was at arm's length.
Dividend Policy
Upon the completion of the COB, the Company does not have a
dividend policy and there is no plan for Mason Graphite to adopt a
dividend policy in the near future.
Capital Structure
The table below reflects the share capital of the Company
outstanding upon the completion of the COB, on a fully diluted
basis.
Designation of
security
|
Number of
securities
|
Percentage
|
Common
Shares
|
141,292,585
|
91,28 %
|
Options
|
13,500,000(1)
|
8,72 %
|
(1) As of
the date hereof, 6,867,000 options are issued and
outstanding.
|
About Mason Graphite
Mason Graphite is a Canadian corporation focused on seeking
investment opportunities. Its strategy is to develop vertical and
horizontal integration in the mining industry, with a special focus
on industrial and specialty minerals, notably battery-related
materials and their by-products. Its strategy also includes the
development of value-added products, notably for green technologies
like transport electrification. The Company currently owns 100% of
the rights to the Lac Guéret deposit, one of the richest graphite
deposits in the world, which is under an Option and Joint Venture
Agreement with Nouveau Monde Graphite Inc. (TSX-V: NOU) (NYSE:
NMG). The Company is also the largest shareholder of Black Swan
Graphene Inc., a Canadian publically traded company (TSX-V: SWAN)
focusing on the large-scale production and commercialization of
patented high-performance and low-cost graphene products aimed at
several industrial sectors, including concrete, polymers, Li-ion
batteries and others.
For more information, please visit: www.masongraphite.com.
Neither 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 release.
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SOURCE Mason Graphite Inc.