TORONTO, Oct. 02, 2018 - At the request of IIROC, Eagle Graphite (TSX Venture: EGA) (the "Company") wishes to clarify and retract the disclosure in the news release titled “The CloudMiner Completes Analyst Review of Eagle Graphite” disseminated by the Company on October 1, 2018.
Specifically the Company made the representation that:
Although the Company has paid a fee to TCM to provide its independent research opinion (much in the way that fees are paid to bond-rating agencies and auditors for their opinions), the Company is not responsible for the content, accuracy or timelines contained in an analyst’s report. The fee paid for independent research was not dependent on the opinion provided. In addition, readers should be aware, and are cautioned, that opinions, estimates, or forecasts contained in research analyst reports are not subject to the requirements of Canadian National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”)
This representation is not correct as the Company paid a fee for the “analyst report” and the Company is responsible for the entire content of the “analyst report”. In addition, contrary to the Company’s representation that the “analyst report” does not have to comply with the requirements of NI 43-101, Standards of Disclosure for Mineral Projects, the disclosure contained in the “analyst report” must comply with the requirements of NI 43-101, which it does not. The Company retracts all disclosure contained in and relating to the “analyst report” and has removed all public access to the “analyst report.”
Eagle Graphite Inc. Jamie Deith, President & CEO (604) 909-4237 jdeith@eaglegraphite.com
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