Mason Graphite Inc. ("Mason Graphite" or "the
Company") (TSX.V: LLG; OTCQX: MGPHF) announces that a process has
been initiated to identify and appoint a new Chief Financial
Officer (CFO).
Luc Veilleux, CPA, CA, who has been dividing his
time as CFO to both the Company and NanoXplore Inc. has now become
CFO of NanoXplore on a full-time basis. Pascale Choquet, CPA,
CA, the Company’ s Director of Finance and Administration, since
January 2018, now assumes the role of CFO on an interim basis until
a permanent successor is appointed.
In 2014, Mason Graphite purchased 40% of Group
NanoXplore Inc. (now NanoXplore Inc.), and several ties were
established between both parties, such as a graphite supply
agreement, Benoît Gascon, CEO of Mason Graphite, being appointed
Chairman of the Board of Group NanoXplore and Luc Veilleux, CFO,
assuming the role of CFO for both companies. The Company current
ownership of NanoXplore is 19%, making it the single largest
shareholder.
NanoXplore’s activities have been expanding
rapidly, notably with the acquisition of Sigma Industries in 2018,
and now employs nearly 400 people working at 8 different plants in
North America and Europe and, more recently, with the announcement
of a successful construction financing allowing it to build a
facility of 10,000 t/year of graphene production, making NanoXplore
a world leading graphene producer.
Hence, NanoXplore now requires its CFO’s
undivided attention and Mr. Veilleux is no longer able to fully
meet his responsibilities as Mason Graphite’s CFO. Luc Veilleux
commented: “It has been a pleasure working with the team of Mason
Graphite for the last 7 years and I am very confident in the future
of the Company and of the Lac Guéret graphite Project. But the fact
and the matter is, with NanoXplore’s expanded activities and its
construction financing, I need to focus on that operation.”
Benoit Gascon added: “It has been a privilege to
have Luc on board to share with us his expertise on these two
projects at once. We are grateful for his dedication and wish him
the best and every success with NanoXplore and we look forward to
working with him as the close business relationship between Mason
Graphite and NanoXplore continues.”
The firm Boyden, a premier leadership and talent
advisory firm, has been appointed to support the Company in its
process.
About Mason Graphite and the Lac Guéret
Project
Mason Graphite is a Canadian mining, processing
and natural graphite development company, which is in the process
of establishing its graphite production facility in Baie-Comeau,
Quebec. The Company is led by a highly experienced team that has
over 70 years of experience in graphite production, sales, and
research and development. For more information, visit
www.masongraphite.com.
Mason Graphite Inc. On Behalf
of the Board
“Benoît Gascon, CPA, CA”, President & Chief
Executive Officer
For more Information:
Simon Marcotte, CFA, Director Corporate
Development at +1 (647) 801-7273 and at info@masongraphite.com
For more information relating to local
communities:
+1 (514) 289-3582 and at
info@masongraphite.com
Head Office: 3030, boulevard Le Carrefour,
bureau 600, Laval, Québec, H7T 2P5
Cautionary Statements
This press release contains "forward-looking
information" within the meaning of Canadian securities legislation.
All information contained herein that is not clearly historical in
nature may constitute forward-looking information. Generally, such
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: (i)
volatile stock price; (ii) the general global markets and economic
conditions; (iii) the possibility of write-downs and impairments;
(iv) the risk associated with exploration, development and
operations of mineral deposits; (v) the risk associated with
establishing title to mineral properties and assets; (vi) the risks
associated with entering into joint ventures; (vii) fluctuations in
commodity prices; (viii) the risks associated with uninsurable
risks arising during the course of exploration, development and
production; (ix) competition faced by the resulting issuer in
securing experienced personnel and financing; (x) access to
adequate infrastructure to support mining, processing, development
and exploration activities; (xi) the risks associated with changes
in the mining regulatory regime governing the resulting issuer;
(xii) the risks associated with the various environmental
regulations the resulting issuer is subject to; (xiii) risks
related to regulatory and permitting delays; (xiv) risks related to
potential conflicts of interest; (xv) the reliance on key
personnel; (xvi) liquidity risks; (xvii) the risk of potential
dilution through the issue of common shares; (xviii) the Company
does not anticipate declaring dividends in the near term; (xix) the
risk of litigation; and (xx) risk management.
Forward-looking information is based on
assumptions management believes to be reasonable at the time such
statements are made, including but not limited to, continued
exploration activities, no material adverse change in metal prices,
exploration and development plans proceeding in accordance with
plans and such plans achieving their stated expected outcomes,
receipt of required regulatory approvals, and such other
assumptions and factors as set out herein. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such forward-looking information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such forward-looking
information. Such forward-looking information has been provided for
the purpose of assisting investors in understanding the Company's
business, operations and exploration plans and may not be
appropriate for other purposes. Accordingly, readers should not
place undue reliance on forward-looking information.
Forward-looking information is made as of the date of this press
release, and the Company does not undertake to update such
forward-looking information except in accordance with applicable
securities laws.
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.
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