Northern Graphite Files Final Patent Application for Purification Technology
Ottawa, Ontario--(Newsfile Corp. - January 22, 2019) - Northern Graphite Corporation (TSXV: NGC) (OTCQX: NGPHF) ("Northern" or the "Company") announces that it has filed the final patent application for its proprietary natural graphite purification technology. The Company previously filed a provisional patent application in 2018. The patent relates to the use of chlorine in a specially constructed fluidized bed reactor that was designed by Hatch Inc. ("Hatch"). Northern has signed an exclusive licensing agreement to use Hatch's intellectual property in the design, construction and operation of the reactor, which is a key component of Northern's purification technology.
Graphite mine concentrates must be upgraded to 99.95% purity for use in a number of value added markets, the largest being the manufacture of anode material for lithium ion batteries ("LiBs"). Essentially all of this purification is done in China using hydrofluoric acid which is difficult and/or expensive to do in the west due to environmental and workplace health and safety challenges. As the electric vehicle and grid storage markets expand, the demand for LiB anode material will grow exponentially and it is critical that the west develop an alternative to current graphite purification processes.
Northern Graphite announces that the Board of Directors has approved the grant of stock options to purchase 150,000 shares of the Company at a price of $0.25 per share for a period of five years to Campbell Birge, who was elected to the Board of Directors in 2018.
The Board of Directors is also proposing, subject to the approval of the TSX Venture Exchange, to extend the expiry date of 3,909,166 share purchase warrants from March 24, 2019 until March 24, 2021. The warrants were originally issued as part of a private placement financing and all other terms remain the same. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.40 per share.
About Northern Graphite
Northern Graphite is a Canadian development company with a 100% interest in the Bissett Creek graphite deposit which is located in the southern part of Canada with ready access to labour, supplies, equipment and concentrate transportation. The Company has completed a full FS, a PEA which includes a Phase 2 expansion, and has secured its major mining permit. Northern intends to start production at a realistic level to minimize capital costs and the risk associated with introducing a new source of supply into the market. Production will then be expanded as the market grows. The percentage of large/XL flake graphite in the Bissett Creek deposit is one of the highest in the industry which will allow the Company to focus on high margin and value added industrial markets, mainly in the US and Europe.
For additional information, please contact: Gregory Bowes, CEO, (613) 241-9959
Gregory Bowes, B.Sc. MBA, P. Geo., a Qualified Person as defined under NI 43-101, has reviewed and is responsible for the technical information in this news release.
This press release contains forward-looking statements, which can be identified by the use of statements that include words such as "could", "potential", "believe", "expect", "anticipate", "intend", "plan", "likely", "will" or other similar words or phrases. These statements are only current predictions and are subject to known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements. The Company does not intend, and does not assume any obligation, to update forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.
Neither the 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.