TORONTO, May 13, 2016 /CNW/ - On February 19, 2016, the Ontario Superior Court of Justice released its ruling on an injunction motion brought by Ontario Graphite Ltd. against Great Lakes Graphite Inc. [GLK.TSXV] ("GLK"), Jerry Janik, and Michael Coscia.
The motion was heard by the Honorable Justice E. M. Stewart, who ordered Janik and Coscia to, among other things, immediately stop working for GLK, and to stop competing with Ontario Graphite anywhere in Canada for a period of one year and six months, respectively. Her Honour also ordered GLK to immediately refrain from disclosing or using any of Ontario Graphite's confidential or proprietary information, and to refrain from directly or indirectly soliciting any of Ontario Graphite's investors. Finally, GLK was ordered to make full production of all financial and other information relevant to Ontario Graphite's claim for damages, including with respect to GLK's investment activities, financial expenditures and profits; past, current and future.
Today, the Court ordered GLK, Janik and Coscia to pay $80,000.00 to Ontario Graphite in costs for the motion, payable within 60 days.
In arriving at Her Honour's decision, Justice Stewart stated "[I]t is evident that [Ontario Graphite] achieved substantial success on the motion, which involved issues of great importance to the parties…In my view, [Ontario Graphite] therefore should receive an award of costs to reflect its substantial success on the motion." A copy of the Court's decision is attached.
Ellerton Castor, Ontario Graphite's CFO and Chief Administrative Officer, stated, "We are satisfied with the Court's conclusion on reimbursement of our legal costs. Based on the ruling in February, we will continue the case in the courts this year for further damages. As we have previously indicated, while Ontario Graphite is focused on continuing the successful execution of our business plan, it is imperative that GLK compensate us for its egregious behaviour. It remains our intent to maximize recoveries from GLK in pursuit of that objective."
Tom Burkett, Ontario Graphite's CEO, stated, "We are very pleased to have this ruling from the Court. We are now focused on working toward the successful re-commissioning of the Kearney Mine and moving Ontario Graphite forward for the future. Recently, we have made significant progress in addressing our debts and cleaning our balance sheet. With the high growth prospects for natural graphite in wide-ranging industries including chemical processing, oil & natural gas drilling, Li-ion battery markets for electric vehicles, energy storage, and electronics, Ontario Graphite is poised to be a global leader in the natural graphite industry."
About Ontario Graphite Ltd.
Ontario Graphite Ltd. is a privately owned Canadian mining company committed to the responsible re- commissioning and operation of the Kearney Mine. The Mine, located in Kearney, Ontario, Canada (approximately 250 km north of Toronto), is one of the largest confirmed graphite mineral resource projects in North America and among the largest individual deposits in the world. Ontario Graphite's vision is to be the premier producer of natural flake graphite in North America.
To learn more about Ontario Graphite Ltd. and the Kearney Mine; please visit www.ontariographite.com.
SOURCE Ontario Graphite Limited
For further information: For more information, or to speak with a member of the Ontario Graphite team, please contact: Rob Small, Edelman, [email protected], 647-252-2862