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Great Lakes Graphite & Saint Jean Carbon Announces Conditional Approval of Lochaber Transaction
Great Lakes Graphite & Saint Jean Carbon Announces Conditional Approval of Lochaber Transaction.
About this update from Great Lakes Graphite Inc
[{"type":"text","content":"\nTORONTO, July 05, 2018 (GLOBE NEWSWIRE) -- Great Lakes Graphite Inc. doing business as NovoCarbon Corporation (“GLK”, “NovoCarbon” or the “Company”) (TSX-V:GLK) (OTCQB:GLKIF) (FWB:8GL) and Saint Jean Carbon (“SJC”) (TSX-V:SJL) (OTCQB:TORVF) are pleased to announce today that further to news releases dated February 22, 2018, February 23, 2018, May 3, 2018 and May 16, 2018 respectively, the transaction between GLK and SJC for the Lochaber Graphite Property in South Western Quebec has been conditionally accepted by the Exchange.\n The Lochaber Graphite Deposit, located in the prolific Buckingham Region of Quebec, is a former producing mine that boasts high purity capability through simple flotation methods and a favourable particle size distribution for making battery anode materials.  The Company is selling its 100% ownership in the Lochaber claims to SJC for the following consideration; (i) SJC issues 750,000 common shares to GLK; (ii) cash consideration of $425,000.00 payable in four yearly installments of $106,250.00 being the first payment and the following three installments to be paid on May 7, 2019, May 7, 2020 and May 7, 2021; (iii) 1.75% net operational operating cost royalty for 10 years (the “Royalty”); and (iv) has entered into an offtake agreement with SJC to have the first right of refusal to purchase up to 10,000 metric tons per year of graphite for the life of the Lochaber  mine (the “Offtake Agreement”).  For clarity, the supply of the material under the offtake agreement will be at market value and the Royalty will not apply to purchases made pursuant to the offtake agreement.  All securities issued are subject to a hold period of four months and one day pursuant to applicable securities laws. About Saint Jean CarbonSaint Jean is a publicly traded carbon science company, with specific interests in energy storage and green energy creation and green re-creation, with holdings in graphite mining and lithium claims in the province of Quebec in Canada.  For the latest information on Saint Jean’s properties and news please refer to the website: http://www.saintjeancarbon.com/. About NovoCarbon Corporation: NovoCarbon is a Clean Technology Minerals Processing Company supplying customers with innovative, high quality ...