Business
Northern Graphite Signs Extension on Option to Acquire Stake in NeoGraf Solutions
Ottawa, Ontario--(Newsfile Corp. - August 29, 2023) - Northern Graphite Corporation (TSXV: NGC) ...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite Signs Extension on Option to Acquire Stake in NeoGraf SolutionsOttawa, Ontario--(Newsfile Corp. - August 29, 2023) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the \"Company\" or \"Northern) is pleased to announce that it has entered into an agreement with Edgewater Capital Partners (\"Edgewater\") to extend the Company's option to acquire a stake in NeoGraf Solutions, LLC (\"NeoGraf\"). With this six-month extension, Northern has the option to acquire an effective 50.1% voting interest and a 33.3% equity interest in NeoGraf. Northern also has an option to increase its interest up to 100%, at a later date, subject to the terms and conditions of the agreement. Northern has engaged Sprott Capital Partners LP to act as its financial advisor with respect to financing the investment.NeoGraf is one of Northern's largest customers and, including its time as a part of Union Carbide, has a history of over 100 years serving clients in North America and abroad. It is a leading provider of specialty, value-added products manufactured from natural graphite and has a strong intellectual property portfolio and a blue-chip customer base. \"Due to the potential of the proposed partnership between Northern and Edgewater to contribute to NeoGraf's future success, Edgewater has agreed to extend the term of the option from six- to 12 months, in order to give us more time to effectively close the deal in a challenging market environment,\" said Northern Chief Executive Officer Hugues Jacquemin. \"The acquisition of this stake in NeoGraf will be a critical driver of our downstream strategy to be an integrated and sustainable mine-to-market company.\"\"We are very pleased at the prospect of partnering with Hugues and the Northern team to accelerate NeoGraf's growth and in support of Northern's 'mine-to-market' strategy. This partnership provides NeoGraf an additional 'tool' in enabling our customers' success and enhances our ability to address supply needs in this quickly growing marketspace,\" said Edgewater Capital Partner and current Chairman of the Board, Robert Girton. \"Together, NeoGraf and Northern promise a powerful combination in the development of high-performance technical solutions that address our customers' specific needs,\" Natesh Krishnan, CEO of NeoGraf, commented. \"Northern pro...