MONTREAL, July 20, 2022 (GLOBE NEWSWIRE) -- Mason Graphite Inc. ("Mason Graphite" or the "Company") (TSX-V: LLG) (OTCQX: MGPHF) today announced the initial closing of the previously announced transactions contemplated under the investment agreement dated May 15, 2022 (the "Investment Agreement") between the Company and Nouveau Monde Graphite Inc. ("Nouveau Monde") (NYSE: NMG) (TSX-V: NOU).

Pursuant to the Investment Agreement, Mason Graphite has entered into an option and joint venture agreement (the "OJV Agreement") with Nouveau Monde. Concurrently with the execution of the OJV Agreement, Mason Graphite and Nouveau Monde have completed the private placement of 5.0 million common shares of the Company (the "Initial Shares") to Nouveau Monde at a price of $0.50 per Inital Share for gross proceeds to the Company of $2.5 million. The Company intends to use the net proceeds from the sale of the Initial Shares to fund agreed expenses on the Lac Guéret property pursuant to the OJV Agreement. The Initial Shares will be subject to a four-month hold period pursuant to applicable securities laws.

A copy of the OJV Agreement will be made available under Mason Graphite's profile on SEDAR at .

About Mason Graphite

Mason Graphite is a Canadian corporation focused on the production and transformation of natural graphite. Its strategy includes the development of value-added products, notably for green technologies like transport electrification. The Company also owns 100% of the rights to the Lac Guéret deposit, one of the richest graphite deposits in the world. The Company is also the largest shareholder of Black Swan Graphene Inc., a Canadian private company focusing on the large-scale production and commercialization of patented high-performance and low-cost graphene products aimed at several industrial sectors, including concrete, polymers, Li-ion batteries and others. For more information: .

About Nouveau Monde

Nouveau Monde is striving to become a key contributor to the sustainable energy revolution. The company is working toward developing a fully integrated source of carbon-neutral battery anode material in Québec, Canada, for the growing lithium-ion and fuel cell markets. With low-cost operations and enviable environmental, social and governance (ESG) standards, Nouveau Monde aspires to become a strategic supplier to the world's leading battery and automobile manufacturers, providing high-performing and reliable advanced materials while promoting sustainability and supply chain traceability. Nouveau Monde is listed on the NYSE under the symbol "NMG" and on the TSX-V under the symbol "NOU".

Additional Information

Neither 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.

For further information

Mason Graphite Inc.
Paul Hardy, VP Corporate Development
1-416-844-7365 ext. 3030,
phardy@masongraphite.com