MISSISSAUGA, Ontario, Feb. 19, 2020 (GLOBE NEWSWIRE) — Canada Carbon Inc. (the “Company”) (TSX-V: CCB) is pleased to announce that it has reached a tri-party out-of-court settlement with the Municipality of Grenville-sur-la-Rouge (“GSLR”) and Commission de protection du territoire agricole (“CPTAQ”). Under the terms of the settlement, all current outstanding legal proceedings are abandoned including the damages claim against GSLR of $96 million.
For its part, Grenville-sur-la-Rouge recognizes that the marble quarry component of the Miller Project complied with its zoning by-law when CCB’s request was filed with CPTAQ on December 14th, 2016 and that Canada Carbon’s rights regarding the “marble quarry” component crystallized at that time. It also recognizes that any subsequent zoning by-law changes are not enforceable against the marble quarry component of the Miller Project.GLSR recognizes that CCB has the right to proceed with the Miller project because GSLR does not have jurisdiction over the graphite component of the Miller Project. It also acknowledges that the notice of compliance signed March 16, 2017 was admissible. Consequently, the CPTAQ undertakes to resume their analysis of the Miller Project file in a rigorous and expedited manner.Canada Carbon and Grenville-sur-la-Rouge agree to present all the factual information relating to the Miller project as well as its various impacts on the environment and the community in the framework of forums made available to the public. Both parties agree to act reasonably, in good faith and in the public interest. The parties have also agreed to initiate dialogue on the Miller project and put forward a process applicable to this end, with the assistance of the Ministry of Energy and Natural Resources (MERN), insofar as the latter agrees to act in this capacity.Canada Carbon will hold public consultations in GSLR on all aspects of the Project. Canada Carbon will ensure that it adheres to the noise and dust limitations set out by Regulation. Canada Carbon will collaborate with GSLR in carrying out any necessary studies that will aid GSLR with understanding, analyzing or participating in improving the Miller Project for the purpose of social acceptability.Canada Carbon has agreed to enter into cost sharing agreements with various stakeholders to pay its proportionate share of the cost of the modification of municipal roads in GSLR which are directly affected by our planned trucking activity. We have also agreed to limit our blasting and crushing activities within certain hours on weekdays.Finally, as previously announced, Canada Carbon will request to the Department of Environment and Fight against Climate Change (MELCC) that the Miller Project be submitted to the Bureau of Public Hearings on the Environment (BAPE), when the timing is appropriate. The Miller project has still to produce a positive feasibility study before completing its environmental impact assessment. Executive Chairman and CEO, R. Bruce Duncan commented, “We are very pleased with this out-of-court settlement with the municipality of Grenville-sur-la-Rouge. The settlement benefits all parties and will revive the Miller project and enable the analysis of the project’s impacts and merits to resume.”Mr. Duncan further stated, “We are particularly pleased by the prospect of establishing a process for having dialogue with GSLR and resuming dialogue with the population, where the factual information regarding the Project can be analyzed, understood and modified if required, to arrive at a socially acceptable project.”CANADA CARBON INC.
“R. Bruce Duncan”
CEO and DirectorContact Information
E-mail inquiries: info@canadacarbon.com
P: 905 813-8408“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.”FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
Bay Street News