Canada Carbon Receives Judgement on Motion to Split and Arranges Non-Brokered Financing
December 06 2018 - 9:46AM
Canada Carbon Inc. (the “Company”) (TSX-V: CCB)
announces that on November 23rd, 2018 the Company presented its
motion to the Superior Court to split its 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. On December 5th, 2018 Judge Benoît Moore
rendered his judgment which denied the Company's request to split
the Judicial review.
The Judge indicated that an important factor he
considered in his judgement was that the Judicial review was a few
weeks away from being ready for trial.
The Company's attorneys are currently analyzing
the judgment and the Company is giving serious consideration to the
possibility of filing an application for leave to appeal this
decision to the Court of Appeal.
In any event, on December 21st, 2018 the
Judicial review file will be complete and the parties will be able
to set a trial date without further delay. Given that the hearing
of the Judicial review is an urgent measure, the Company's
attorneys will present, in the coming weeks, a request to the court
for scheduling by preference so that the case can be heard as soon
as possible.
Executive Chairman and CEO, R. Bruce Duncan
asserted, “Although the Municipality has been and continues to take
all kinds of measures to delay the legal process, the time for them
to justify their actions before a Judge is fast approaching. As we
have said on a number of occasions, the Company has taken all
necessary steps to assert its rights in the courts and it will
continue to do so.”
In other news, the Company announces it has
arranged a non-brokered private placement (the “Private
Placement”) in which it will issue 2,800,000 units
at $0.13 per unit for gross proceeds of $364,000. Each unit
is comprised of one common share and one common share purchase
warrant exercisable at $0.18 for three years. The financing is
subject to regulatory approval.
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).
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