TSX-V: GRAT
TORONTO, Oct. 4, 2019 /CNW/ - Gratomic Inc.
("Gratomic" or the "Company") (TSX-V:
GRAT) (CB81–FRANKFURT) a vertically integrated
graphite to graphenes, advanced materials development company
announces that it has called a Special Meeting of Shareholders for
Monday, November 25, 2019 (the
"Special Meeting") to seek shareholder approval to
consolidate the Company's common shares on the basis of between one
(1) post-consolidation common share for each three (3)
pre-consolidation common shares and up to one (1)
post-consolidation common share for each five (5) pre-consolidated
common shares.
Currently there are 169,671,739 common shares issued and
outstanding. If the Company effects a three (3) to one (1)
consolidation, there would be 56,557,246 common shares issued and
outstanding after giving effect to the consolidation. If the
Company effects a five (5) to one (1) consolidation, there would be
33,934,347 common shares issued and outstanding after giving effect
to the consolidation.
The Company's shares have been trading in the $0.02 to $0.03
range for the last month and the Company is seeking shareholder
approval to a consolidation to facilitate a private placement at a
price of at least $0.05 after giving
effect to the consolidation (based upon the minimum pricing rules
of the TSX Venture Exchange ("TSXV")) . There will be no
change in the name of the Company. The consolidation is subject to
approval of shareholders by way of a special resolution approved by
66 2/3% of shareholders voting at the Special Meeting. The
consolidation is also subject to approval of the TSXV.
About Gratomic Inc.
Gratomic is an advanced materials company focused on mine to
market commercialization of graphite products most notably high
value graphene based components for a range of mass market
products. We are collaborating with a leading European manufacturer
of graphenes to use Aukam graphite to manufacture graphene products
for commercialization on an industrial scale. The company is listed
on the TSX Venture Exchange under the symbol GRAT.
"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."
FORWARD LOOKING STATEMENTS: This news release contains
forward-looking statements, which relate to future events or future
performance and reflect management's current expectations and
assumptions. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and
information currently available to the Company. Investors are
cautioned that these forward-looking statements are neither
promises nor guarantees and are subject to risks and uncertainties
that may cause future results to differ materially from those
expected. These forward-looking statements are made as of the date
hereof and, except as required under applicable securities
legislation, the Company does not assume any obligation to update
or revise them to reflect new events or circumstances. All of the
forward-looking statements made in this press release are qualified
by these cautionary statements and by those made in our filings
with SEDAR in Canada (available
at www.sedar.com).
SOURCE Gratomic