Leading Edge Materials Corp. (OTCQB: LEMIF) is a Canadian-based, raw material mining company. Shares of the materials company are rallying 21.58%, through early trading on Thursday, February 23, 2017. Over the past three months, Leading Edge Materials Corp. has seen average daily volume of 164,113 shares. However, volume of 107,050 shares or dollar volume of $65,075, has already exchanged hands through Thursday’s trading.
Shares of Leading Edge Materials Corp. are climbing Thursday, after the company announced that its Norra Karr Exploration License has been reinstated, after having the license revoked in September 2016. The reinstatement ruling came from the Kammarratten, or Administrative Court of Appeal, which overturned the previous ruling. Here is the full press release detailing of the license reinstatement ruling:
Leading Edge Materials Corp. Press Release:
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb 23, 2017) – Leading Edge Materials Corp. (“Leading Edge Materials“) or (the “Company“) (TSX VENTURE:LEM)(LEMIF) is pleased to announce that the Norra Karr Exploration License (“EL“) has been reinstated by the Kammarratten (“Administrative Court of Appeal“) in Sundsvall, overturning a previous ruling by the Administrative Court in Falun as press released 2nd September 2016.
The Norra Karr EL was first granted to Tasman Metals AB (a subsidiary of Leading Edge Materials Corp.) on August 31, 2009. On August 31, 2015, Tasman Metals AB applied for a two-year extension of this EL which was granted by the Swedish Mines Inspectorate. In August 2016, the District Administrative Court in Falun determined that the Swedish Mines Inspectorate was incorrect in granting the renewal.
Leading Edge Materials subsequently appealed the decision of the Administrative Court to the Kammarratten in Sundsvall. The Company’s appeal was upheld, and the Norra Karr EL was reinstated with full legal effect February 21, 2017. The decision of the Kammarratten held a right of appeal, and as expected the reinstatement of the Norra Karr EL has been appealed. The Company will provide further updates on this appeal process.
Blair Way, President & CEO, states, “With the extensive exploration undertaken by the Company on the Norra Karr Exploration License since 2009, we were of the opinion that all requirements for renewal, as defined by the Swedish Mining Act, had been met. Reinstatement of the Exploration License to the Company confirms this position and we are pleased with the Kammarratten’s decision. We remain confident in the legal process, and that the final result of this appeal process will not change this decision of the court. Norra Karr remains a longer-term project for the Company, and our focus remains on our objective of supplying materials to the lithium ion battery market.”
On behalf of the Board,
Blair Way, President & CEO
The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), accept responsibility for the adequacy or accuracy of this news release.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include but are not limited to the Company’s expectations regarding testwork production at Woxna, the Company’s preliminary economic assessment on Woxna is no longer current or valid as a result of the filing of a new NI 43-101 Technical Report effective March 24, 2015, and the Company has no plans to complete a new preliminary economic assessment, a pre-feasibility or feasibility study on the project, as such there is an increased risk of technical and economic failure for the Woxna graphite project; unexpected geological conditions; exploration activities to advance the Company’s lithium and cobalt projects; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; dealings with non-governmental organizations; court rulings and appeals process; competition with other companies within the mining industry, changes in world metal markets and equity markets beyond the Company’s control; the risks associated with changes in the mining regulatory regime governing the Company; and the risks associated with the various environmental regulations the Company is subject to. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the Forward-Looking Statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such Forward-Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such Forward-Looking Statements. Such Forward-Looking Statements has been provided for the purpose of assisting investors in understanding the Company’s business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on Forward-Looking Statements. Forward Looking Statements is made as of the date hereof, and the Company does not undertake to update such Forward-Looking Statements except in accordance with applicable securities laws.