VANCOUVER, British Columbia, Nov. 30, 2018 (GLOBE NEWSWIRE) — Canada Carbon Inc. (the “Company”) (TSX-V:CCB), (FF:U7N1) announces that on November 23rd, 2018, the Company presented its motion to the Superior Court of Quebec to obtain authorization to split the Judicial review into two components: 1) debate on the graphite mine project, based on the fact that Section 246 of the Planning Act protects mining projects that are carried out under the Quebec Mining Act and 2) debate on the marble quarry.
There were no representatives for Québec’s Agricultural Board (the Commission de protection du territoire agricole du Québec or “CPTAQ”) at the motion. CPTAQ has informed counsel for both the Company and Grenville-sur-la-Rouge (“GSLR”) that the Company’s Judicial review does not jeopardize its jurisdiction, that it does not need to make representations to the court and it will abide by the ruling of the Superior Court.
Arguments from counsel for both Canada Carbon and GSLR were heard by Judge Benoit Moore, and it is anticipated a judgement could be rendered before year end.
On November 9th, 2018, Judge Danielle Turcotte of the Superior Court of Quebec rendered a decision on the bench that Canada Carbon’s damage claim was not abusive nor a SLAPP Action. Accordingly, Judge Turcotte rejected GSLR’s motion to strike down the damages claim and also denied GSLR’s request for legal costs. Judge Turcotte accepted the Company’s request to suspend the damage claim.
The Company has been notified that legal counsel for GSLR will present a motion for permission to appeal Judge Turcotte’s decision that Canada Carbon’s damage claim is not a SLAPP Action. The motion will be heard on December 13th, 2018. Canada Carbon will be vigorously contesting the motion.
The Company is also pleased to announce that it has renewed its surface access agreement (“Agreement”) under the same terms as the original agreement. The Agreement provides the Company with surface access for a period of five years. The Agreement grants the Company an exclusive and irrevocable option to acquire or lease all or part of the property necessary for the extraction of mineral substances. If the Company exercises the Option, either by acquiring or leasing all or part of the Property prior to the expiry of the term of the Agreement, the term will be extended through the period of commercial production.
Pursuant to the Agreement, and subject to the prior approval of the TSX Venture Exchange, the Company has agreed to issue 40,000 common shares in the capital of the Company to the Landholder for the first year of the term and for each subsequent year of the Term and until the Company begins operating the property as a mine, either 40,000 additional common shares or $5,000 payable in cash, at the option of the Landholder. Should Canada Carbon begin commercial production during the Term, the payments outlined above will cease and the Landholder will be entitled to a 2.5% net smelter royalty upon and subject to the terms of definitive royalty agreements.
CANADA CARBON INC.
“R. Bruce Duncan”
CEO and Director
Contact Information
E-mail inquiries: [email protected]
P: (604) 685-6375
F: (604) 909-1163
“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).
