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Great Lakes Graphite Signs Term Sheet and Partners with Saint Jean Carbon to Sell the Lochaber Graphite Deposit and Collaborate on Battery Grade Chemistries
Great Lakes Graphite Signs Term Sheet and Partners with Saint Jean Carbon to Sell the Lochaber Graphite Deposit and Collaborate on Battery Grade Chemistries.
About this update from Great Lakes Graphite Inc
[{"type":"text","content":"\n\n TORONTO, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Great Lakes Graphite Inc. (“GLK” or the “Company”) (TSX-V:GLK) (OTCQB:GLKIF) (FWB:8GL) announced today that it has signed a Proposed Term Sheet with Saint Jean Carbon Inc. (“SJC”) (TSX-V:SJL) to sell a 95% stake in the Lochaber Graphite Deposit, located in SW Quebec. The Companies have also agreed in principal to form a partnership that will focus on growing upstream opportunities that focus on supplying the North American Market with Battery Grade graphite material for EV cars and battery storage systems.\n The Lochaber Graphite Deposit, located in the prolific Buckingham Graphite 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 complete NI 43-101, published by SRK Consulting can be found here: http://www.greatlakesgraphite.com/wp-content/uploads/2015/12/NI43-101-Res-Est-Lochaber.pdf Under the proposed Term Sheet, both companies will also work together on specific material applications for the energy markets and collaborate on projects that require high purity crystalline natural flake graphite. These applications will be defined in a definitive agreement which will include the costs and revenues associated with these new applications. Paul Gorman, CEO of GLK commented on the proposed transaction by stating, “With our business model being marketing centric and focused on supplying high purity graphite to North American customers, it’s extremely helpful for us to partner with a Company that has an impressive asset base that can bring these centrally located graphite properties to production in an environmentally friendly way.” Paul Ogilvie, CEO and Chairman of SJC stated, “Acquiring a past producing, developed property like Lochaber will accelerate our plans to have material to test, sample and qualify with many battery customers. With our mill now operational, we look forward to produce high purity material and engineer carbon products for the chemistries of these new technologies.” For a 95% interest in the Lochaber Graphite Deposit, SJC will issue 3,000,000 common shares of the corporation to GLK, pay a 1.75% operating royalty on production, pay CDN $425,000 over four y...