Business
Northern Graphite to Not Exercise or Extend Option to Acquire Stake in NeoGraf Solutions
Ottawa, Ontario--(Newsfile Corp. - March 7, 2024) - Northern Graphite Corporation (TSXV: NGC) (O...
About this update from Northern Graphite Corporation
[{"type":"text","content":"Northern Graphite to Not Exercise or Extend Option to Acquire Stake in NeoGraf SolutionsOttawa, Ontario--(Newsfile Corp. - March 7, 2024) - Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) (FSE: 0NG) (XSTU: 0NG) (the \"Company\" or \"Northern\") announces today that it will not exercise or extend its agreement with Edgewater Capital Partners (\"Edgewater\") providing it with an option to acquire a stake in NeoGraf Solutions, LLC (\"NeoGraf\"), and accordingly the option has expired.\"Given current market conditions, and in consultation with NeoGraf, we have decided it is not in the best interests of shareholders or the Company to exercise or extend the option at this time,\" said Northern Chief Executive Officer Hugues Jacquemin.\"Our mine-to-market strategy has not changed, and together with our new Battery Materials Group, we are going to continue to work closely with NeoGraf to explore ways to work together in this very important partnership to develop cutting edge graphite applications, inside and outside of the battery industry,\" he added.NeoGraf is one of Northern's largest customers and is a leading provider of specialty, value-added industrial products manufactured from natural graphite and has a strong intellectual property portfolio and a blue-chip customer base.\"We will continue to explore different ways to enhance the partnership between NeoGraf and Northern as both companies work to address evolving supply needs in the downstream market for graphite products,\" said Edgewater Capital Partner and Chairman of the Board, Robert Girton.\"We continue to value our relationship with Northern Graphite, which is a win-win for our companies and for our customers,\" said NeoGraf Chief Executive Officer Natesh Krishnan. About Northern GraphiteNorthern, the only graphite producing company in North America, is a Canadian, TSX Venture Exchange listed company that is focused on becoming a world leader in producing natural graphite and upgrading it into high-value products critical to the green economy, including anode material for lithium-ion batteries/EVs, fuel cells and graphene, as well as advanced industrial technologies. Northern owns and operates the Lac des Iles graphite mine in Quebec and expects to become the third-largest natural graphite producer outside of China when its Namibian operations come back onli...