Great Lakes Graphite Reaches Lawsuit Settlement

World News: . []

TORONTO, June 13, 2018 (GLOBE NEWSWIRE) -- Ontario Graphite Ltd. () and Great Lakes Graphite Inc., doing business as NovoCarbon Corporation, (“”, “” or the “”) (TSX-V:GLK) (OTCQB:GLKIF) (FWB:8GL) today announce that they have reached an agreement to settle the litigation between them and to amicably resolve all pending disputes (refer to press release dated February 22, 2016), before the Ontario Superior Court of Justice, in Toronto. This includes OGL’s lawsuit against GLK, Michael Coscia and Jerry Janik, in addition to Jerry Janik and Michael Coscia’s lawsuit against OGL.

As part of the settlement, GLK has agreed to issue to OGL seven (7) million common shares in the capital of GLK, which shares to subject to a hold period of no greater than four (4) months and one day. The issuance of shares are subject to approval by the TSX Venture Exchange. In addition, all legal actions between OGL, GLK, Michael Coscia and Jerry Janik, will be dismissed. The balance of the terms of the settlement are confidential. 

Further to our news release on May 16, 2018, the company is pleased to announce that its common shares have been uplisted for trading on the OTCQB Market in the United States, under the ticker symbol “GLKIF”, effective immediately.

The Company announces the mutual termination of Todd Jorn as Chief Operating Officer of the Company, effective immediately. “The Board of Directors is appreciative of Todd’s efforts on behalf of the Company and wishes him well in his future endeavours”, said Paul Gorman, Chief Executive Officer.

There is no significant graphite production in North America now. As pricing and demand continue to rise, NovoCarbon is one of the first new domestic suppliers to a growing regional customer base. We continually work to deliver products of the best quality with outstanding customer service.

The Company is party to an agreement for long-term supply of high quality natural graphite concentrate from Brazil. NovoCarbon is presently working with an established US-based processor for toll micronization services. The Company has partnered with Ashland Advanced Materials for commercial-scale purification operations at Ashland’s 110,000 square foot purification facility located in Niagara, New York.

Through our partner relationships, NovoCarbon began selling micronized synthetic graphite beginning in 2016 and now supplies micronized and high purity micronized natural flake graphite products to a growing customer base.

Further information regarding NovoCarbon can be found on the Company’s website at: .

NovoCarbon trades as GLKIF on the OTCQB market in the US and as GLK on the TSX Venture Exchange in Canada. There are currently 125,656,830 shares outstanding.

Paul GormanChief Executive OfficerEmail:

Susan MurphyManager, AdministrationEmail: 1-800-754-4510 x101

More news and information about Great Lakes Graphite Inc.

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Globe Newswire: 21:00 GMT Wednesday 13th June 2018

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