Mason Graphite announces initial governance changes and grant of stock options

January 13, 2021 Mason Graphite Inc. (“Mason Graphite” or the “Company") (TSX.V: LLG; OTCQX: MGPHF) announces today that it has formalized initial governance changes, which include the appointment of Mr. Fahad Al-Tamimi as Chairman of its Board of Directors (the “Board”), the appointment of Messrs. Peter Damouni and Simon Marcotte as executive directors of the Company and the grant of an aggregate of 6,925,000 stock options to directors, members of management, consultants, and employees of the Company.


Mr. Fahad Al-Tamimi, a director of the Company since June 2020, has been appointed Chairman of the Board. Mr. Al-Tamimi is a seasoned businessman who was the founding investor in Mason Graphite in 2012, and who recently led a successful effort to bring meaningful changes to the Board. Mr. Al-Tamimi beneficially owns approximately 9.92% of the issued and outstanding common shares of the Company.


Mr. Al-Tamimi commented: “It is with great pleasure that we can finally move forward, and I would like to once again thank the shareholders of the Company for their trust and overwhelming support in our effort to put the Company on the right track with a Board having interest aligned with the interest of all shareholders. We will now proceed with our vision as expressed during the recent process.” A copy of Mr. Al-Tamimi’s dissident information circular dated December 3, 2020 is available under the Company’s profile on SEDAR at www.sedar.com.


Furthermore, Messrs. Peter Damouni and Simon Marcotte have been appointed as executive directors of the Company in order to facilitate the transition until executive appointments are recommended by the CEO Search Committee and approved by the Board.


In addition, over the next weeks, the Board will be reviewing the functions and responsibilities of its committees with the aim of improving its corporate governance structure to be ready for the Company’s next stages of development. The Company expects to make further announcements in due time.


Lastly, the Company announces changes to its director compensation, whereby the directors of the Company will be remunerated a fixed fee of $30,000, with the exception of the Chairman of the Board who will receive an annual fee of $50,000. This compensation will replace the current compensation whereby directors are paid annual fees (including additional fees for chairmanship of the Board or committees) and per Board and committee meeting and is expected to yield significant savings to the Company.


The Company has also granted an aggregate of 6,925,000 stock options to directors, members of management, consultants, and employees of the Company pursuant to its stock option plan. Each option will entitle its holder to purchase one common share of Mason Graphite at a price of $0.46 until January 11, 2026. One third of the options will vest upon their grant, one third will vest on the first anniversary of their grant and the remainder will vest on the second anniversary of their grant. The option grant is subject to regulatory approval, including the approval of the TSX Venture Exchange.


About Mason Graphite

Mason Graphite is a Canadian corporation dedicated to the production and transformation of natural graphite. Its strategy includes the development of value-added products, notably for green technologies like transport electrification. The Company also owns 100% of the rights to the Lac Guéret graphite deposit, one of the richest in the world. The Company is managed by an experienced team cumulating many decades of experience in graphite, covering production, sales, as well as research and development.


- 30 -


Mason Graphite inc.:

Ana Rodrigues at info@masongraphite.com or 1 514 289-3580

Head Office: 3030, boulevard Le Carrefour, suite 600, Laval, Quebec, Canada, 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.

Posts récents

Voir tout