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by Mike Caswell

Eagle Graphite Inc. is facing a foreclosure action in the Supreme Court of British Columbia arising from an unpaid $2.55-million (U.S.) debt. A creditor is seeking title to the company's Black Crystal property, claiming that the company pledged it as collateral. Eagle Graphite has refused to hand over the project, despite demands, the creditor says.

The allegations are contained in a petition filed at the Vancouver courthouse on April 18, 2023. The case was brought by Weaver Capital Corp., a private entity from Ontario. The sole respondent is Eagle Graphite. (The petition refers to the company as Eagle Graphite Corp., and not Eagle Graphite Inc. It is not clear if this is an oversight, but the details of the case make it clear that Eagle Graphite Inc. is the entity that Weaver is pursuing.)

The case arises from a supply contract that Eagle Graphite entered into back on Sept. 3, 2010. The petition says nothing about the supplies that were involved, but it does say that Eagle Graphite ended up owing $1.5-million (U.S.) to suppliers as a result of that deal. Eagle Graphite was never able to pay the suppliers, and they wound up being secured creditors, with the security being the company's projects, the petition claims.

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