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Mason Graphite Inc. ("Mason Graphite" or the "Company") (TSX VENTURE:LLG)(OTCQX:MGPHF) is pleased to announce that Ms. Geneviève Pichet has joined the Company as Director, Technical Studies and Special Projects. Ms. Pichet, M. Sc., P. Eng., a Laval University graduate, joins the Mason Graphite team from Hatch where she has held several positions since 1996, notably Associate, Process Department Director and Process Engineer. Her experience includes project management, in-plant annual CAPEX management, process engineering in specialty minerals, process simulation and process optimization. Ms. Pichet will first be focusing on the detailed study for the large scale processing of value-added graphite products..
The value added products study continues to progress, in partnership with the National Research Council of Canada, Hatch and COREM. The first phase, product benchmarking, was completed in December 2015 while the current phase is focusing on products and processes development. A thorough product testing and validation phase will follow and will be conducted simultaneously with the industrialization. A more complete update will be provided in the near future.
Benoît Gascon, CEO of Mason Graphite, commented: "We are very excited to have Geneviève joining our team and look forward to utilizing her unique experience. As the Company intends to start the detailed engineering work this summer in anticipation of the construction debuting shortly after obtaining the authorizations, Geneviève will also strengthen our project team through her vast engineering expertise."
The Company also announces that it intends to issue an aggregate of 185,820 common shares of the Company (the "Common Shares") at a deemed price per share of $0.67 in payment of $124,500 in interest due and payable under the Company's 12% convertible debentures (the "Debentures"), which are held by Sodémex Développement, a subsidiary of the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ and the Fonds régional de solidarité FTQ Côte-Nord. The Debentures are due June 11, 2019. Under the terms of the Debentures, the Company has the option to pay 50% of the semi-annual interest due on the Debentures in Common Shares. The balance of the interest owing under the Debentures, being $124,500, has been paid in cash. The issuance of the Common Shares in payment of interest on the Debentures is subject to the approval of the TSX Venture Exchange and the Common Shares will be subject to a four month hold period.
About Mason Graphite and the Lac Guéret Project
Mason Graphite is a Canadian mining and processing company focused on the development of its 100% owned Lac Guéret natural graphite deposit located in northeastern Québec. The Company is led by a highly experienced team that has over five decades 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
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.