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Mason Graphite updates on developments related to partner Black Swan Graphene's intent to go public

Published: 16:10 26 Apr 2022 EDT

Mason Graphite Inc -
Upon closing, it is expected that Harry Swan will be appointed chairman, with Simon Marcotte, Peter Damouni, Michael Edwards, David Deak and Roy McDowall appointed directors of the resulting issuer

Mason Graphite Inc (TSX-V:LLG, OTCQX:MGPHF) updated investors on the status of the qualifying transaction of its graphene partner, Black Swan Graphene Inc.

In December 2021, Black Swan entered into a binding letter of intent to complete a business combination with Dragonfly Capital Corp, which sees Dragonfly acquiring all of Black Swan’s issued and outstanding shares and grand certain options of Dragonfly.

That agreement was followed by a definitive share exchange agreement in January 2022 and an amendment in April to extend the closing date of the transaction no later than June 17, 2022.

READ: Mason Graphite congratulates partner Black Swan Graphene on its intent to go public; appoints Paul Hardy as its vice-president corporate development

The amendment provides that Dragonfly will acquire all of the outstanding Black Swan shares in exchange for an aggregate of 210,230,349 resulting issuer shares at a price of $0.15 per resulting issuer share. In addition, each outstanding Black Swan option will be exchanged for an equivalent replacement option in accordance with the share exchange agreement, according to Mason Graphite.

The agreement is subject to certain conditions.

Upon closing, it is expected that Harry Swan will be appointed chairman, with Simon Marcotte, Peter Damouni, Michael Edwards, David Deak and Roy McDowall appointed directors of the resulting issuer.

Further, Marcotte is expected to be appointed CEO; Duras as the CFO; Edwards as COO, and Damouni as an executive director.

Black Swan Graphene is focusing on the large-scale production and commercialization of patented high-performance and low-cost graphene products.

Montreal-based Mason Graphite is dedicated to the production and transformation of natural graphite. It owns 100% of the rights to the Lac Gueret graphite deposit, one of the richest in the world.

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