Mr. Bruce Duncan reports
CANADA CARBON RECEIVES JUDGEMENT ON MOTION TO SPLIT AND ARRANGES NON-BROKERED FINANCING
On Nov. 23, 2018, Canada Carbon Inc. presented its motion to the Superior Court to split its 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. On Dec. 5, 2018, Judge Benoit Moore rendered his judgment which denied the company's request to split the judicial review.
The judge indicated that an important factor he considered in his judgement was that the judicial review was a few weeks away from being ready for trial.
The company's attorneys are currently analyzing the judgment and the company is giving serious consideration to the possibility of filing an application for leave to appeal this decision to the Court of Appeal.
In any event, on Dec. 21, 2018, the judicial review file will be complete and the parties will be able to set a trial date without further delay. Given that the hearing of the judicial review is an urgent measure, the company's attorneys will present, in the coming weeks, a request to the court for scheduling by preference so that the case can be heard as soon as possible.
Executive chairman and chief executive officer R. Bruce Duncan asserted: "Although the municipality has been and continues to take all kinds of measures to delay the legal process, the time for them to justify their actions before a judge is fast approaching. As we have said on a number of occasions, the company has taken all necessary steps to assert its rights in the courts and it will continue to do so."
In other news, the company announces it has arranged a non-brokered private placement in which it will issue 2.8 million units at 13 cents per unit for gross proceeds of $364,000. Each unit consists of one common share and one common share purchase warrant exercisable at 18 cents for three years. The financing is subject to regulatory approval.
We seek Safe Harbor.
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