Mason Graphite shareholders OK Nouveau Monde transaction
The shareholders of Mason Graphite have approved the proposed joint venture (JV) transaction with Nouveau Monde Graphite (NMG), as well as a change of business (COB).
Each of the proposed JV transaction and the proposed COB was approved by 99% of Mason Graphite’s common shares represented in person (or virtually) or by proxy at a special meeting on Thursday.
Mason said the initial closing of the transactions contemplated under the investment agreement between the company and NMG, including the execution of an option and JV agreement, as well as a private placement of five-million common shares to NMG for gross proceeds of C$2.5-million, would occur on July 20.
Last week, independent proxy voting advisory firms Institutional Shareholder Services and Glass Lewis advised Mason Graphite shareholders to vote in favour of the proposals, noting that it made strategic sense.
Mason stands to benefit from NMG’s expertise and commercialisation capabilities, and the transaction will allow for maximum potential realisation of the Lac Guéret property – by increasing its scope of production to at least 250 000 t/y of graphite concentrate. The deal will also afford Mason access to NMG’s demonstration plant that is necessary to advance the project.
NMG plans on investing C$10-million on the Lac Guéret project prior to the formation of the JV, C$2.5-million in equity of Mason at C$0.50 apiece, and C$2.5-million in equity of Mason at the formation of a JV.
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