The stock options are each exercisable to acquire one common share of the Company at a price of $0.25 per share for a period of five years and vest immediately. The DSUs are entirely performance based and are subject to the achievement of specific business objectives, but in no event earlier than one year from the date of grant. Objectives include the restructuring of the company’s debt, final investment decisions regarding the restart of operations at the Okanjande mine and the construction of a battery anode material plant in Saudi Arabia and the achievement of specific growth targets related to the company’s market capitalization.
Upon vesting, each DSU entitles the holder to one common share of the Company or its cash equivalent, at the discretion of the Board of Directors. All DSU and stock option awards are subject to the Company’s Deferred Share Unit and Restricted Share Unit Compensation Plan and the Amended and Restated Stock Option Plan, as approved by shareholders.
“These equity incentives are intended to align our leadership with the long-term interests of shareholders,” said Gregory Bowes, chairman of Northern. “As we continue to evolve our strategy, retaining and recruiting experienced talent and maintaining continuity of execution are critical to achieving our objectives.”
About Northern Graphite
Northern is a Canadian, TSX Venture Exchange listed company that is the only company producing graphite flakes in North America. Northern aims to become a global leader in the production of natural graphite and its upgrading into high-value products critical to the green economy, including anode material for lithium-ion batteries/EVs, fuel cells and graphene, as well as advanced industrial technologies. The company’s mine-to-battery strategy is led by the Battery Materials Group, which has a fully equipped, state-of-the-art laboratory in Frankfurt and is focused on advancing plans to develop battery anode material plants in Saudi Arabia, Quebec and France.
Northern’s graphite assets include the producing Lac des Iles mine in Quebec, where the company is boosting production to meet growing demand from industrial customers and coming demand from North American battery makers. The company also owns the large-scale, advanced Bissett Creek graphite project in Ontario and the fully licensed Okanjande graphite mine in Namibia, which is currently under maintenance and offers an opportunity to materially increase graphite production at a lower cost and with a shorter time to market than most competitive projects. All projects feature “battery grade” graphite and are located close to infrastructure in politically stable jurisdictions.
For additional information
Visit the company’s website at northgraphite.com and the company profile at www.sedarplus.ca us Social channels listed below or contact the company at (613) 271-2124.
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Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements and information are often identified by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate,” “estimate,” “potential,” “possible” and other similar words, or statements that certain events or conditions “may,” “will,” “might” or “should” occur. Forward-looking statements in this press release include, among other things, statements regarding the Company’s intentions to bring its Namibian operations back online, develop its other graphite projects and build a battery anode materials factory in the Kingdom of Saudi Arabia. All such forward-looking statements are based on assumptions and analyzes made by management based on their experience and perception of historical trends, current conditions and expected future developments, as well as other factors that they believe are appropriate in the circumstances. However, these statements are subject to a variety of risks, uncertainties and other factors that could cause actual events or results to differ materially from those anticipated, including, but not limited to, unanticipated changes in laws, rules or regulations, or their enforcement by applicable authorities; failure to comply with the agreement by other parties; social or labor unrest; changes in commodity prices; the unexpected failure or inadequacy of infrastructure and the inability of ongoing and planned studies to produce expected results or results that would justify and support continued studies, development or operations, and the inability to raise the required financing. Readers are cautioned not to place undue reliance on forward-looking information or statements.
Although the forward-looking statements contained in this press release are based on what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent therewith. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company disclaims any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances after the date of this press release.
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 press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/287701
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