Canada Carbon Receives Judgement on Motion to Split and Arranges Non-Brokered Financing
TSX VENTURE: CCB
VANCOUVER, British Columbia, Dec. 06, 2018 (GLOBE NEWSWIRE) -- 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
P: (604) 685-6375
F: (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).