Canada Carbon Provides Legal Update
November 30 2018 - 9:21AM
Canada Carbon Inc. (the “Company”) (TSX-V:CCB),
(FF:U7N1) announces that on November 23rd, 2018, the
Company presented its motion to the Superior Court of Quebec to
obtain authorization to split the 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.
There were no representatives for Québec’s
Agricultural Board (the Commission de protection du territoire
agricole du Québec or “CPTAQ”) at the motion.
CPTAQ has informed counsel for both the Company and
Grenville-sur-la-Rouge (“GSLR”) that the Company’s Judicial review
does not jeopardize its jurisdiction, that it does not need to make
representations to the court and it will abide by the ruling of the
Superior Court.
Arguments from counsel for both Canada Carbon
and GSLR were heard by Judge Benoit Moore, and it is anticipated a
judgement could be rendered before year end.
On November 9th, 2018, Judge Danielle Turcotte
of the Superior Court of Quebec rendered a decision on the bench
that Canada Carbon’s damage claim was not abusive nor a SLAPP
Action. Accordingly, Judge Turcotte rejected GSLR’s motion to
strike down the damages claim and also denied GSLR’s request for
legal costs. Judge Turcotte accepted the Company’s request to
suspend the damage claim.
The Company has been notified that legal counsel
for GSLR will present a motion for permission to appeal Judge
Turcotte’s decision that Canada Carbon’s damage claim is not a
SLAPP Action. The motion will be heard on December 13th,
2018. Canada Carbon will be vigorously contesting the
motion.
The Company is also pleased to announce that it
has renewed its surface access agreement (“Agreement”) under the
same terms as the original agreement. The Agreement provides the
Company with surface access for a period of five years. The
Agreement grants the Company an exclusive and irrevocable option to
acquire or lease all or part of the property necessary for the
extraction of mineral substances. If the Company exercises
the Option, either by acquiring or leasing all or part of the
Property prior to the expiry of the term of the Agreement, the term
will be extended through the period of commercial production.
Pursuant to the Agreement, and subject to the
prior approval of the TSX Venture Exchange, the Company has agreed
to issue 40,000 common shares in the capital of the Company to the
Landholder for the first year of the term and for each subsequent
year of the Term and until the Company begins operating the
property as a mine, either 40,000 additional common shares or
$5,000 payable in cash, at the option of the Landholder.
Should Canada Carbon begin commercial production during the Term,
the payments outlined above will cease and the Landholder will be
entitled to a 2.5% net smelter royalty upon and subject to the
terms of definitive royalty agreements.
CANADA CARBON INC. “R. Bruce Duncan”CEO and
Director
Contact InformationE-mail
inquiries: info@canadacarbon.comP: (604) 685-6375F: (604)
909-1163
“Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.”
FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements, which relate
to future events or future performance and reflect management’s
current expectations and assumptions. Such forward-looking
statements reflect management’s current beliefs and are based on
assumptions made by and information currently available to the
Company. Investors are cautioned that these forward looking
statements are neither promises nor guarantees, and are subject to
risks and uncertainties that may cause future results to differ
materially from those expected. These forward-looking statements
are made as of the date hereof and, except as required under
applicable securities legislation, the Company does not assume any
obligation to update or revise them to reflect new events or
circumstances. All of the forward-looking statements made in this
press release are qualified by these cautionary statements and by
those made in our filings with SEDAR in Canada (available at
www.sedar.com).
Canada Carbon (TSXV:CCB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Canada Carbon (TSXV:CCB)
Historical Stock Chart
From Apr 2023 to Apr 2024