Gratomic to roll back 1:3 to 1:5 Gratomic to roll back 1:3 to 1:5
2019-10-04 15:12 MT - News Release
Mr. Arno Brand reports
GRATOMIC CALLS SPECIAL MEETING TO CONSOLIDATE STOCK
Gratomic Inc. has called a special meeting of shareholders for Monday, Nov. 25, 2019, to seek shareholder approval to consolidate the company's common shares on the basis of between one postconsolidation common share for every three preconsolidation common shares and up to one postconsolidation common share for every five preconsolidated common shares.
Currently, there are 169,671,739 common shares issued and outstanding. If the company effects a 1-for-3 consolidation, there would be 56,557,246 common shares issued and outstanding after giving effect to the consolidation. If the company effects a 1-for-5 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 two-cent to three-cent range for the last month, and the company is seeking shareholder approval for a consolidation to facilitate a private placement at a price of at least five cents after giving effect to the consolidation (based upon the minimum pricing rules of the TSX Venture Exchange). There will be no change in the name of the company. The consolidation is subject to the approval of shareholders by way of a special resolution approved by 66-2/3rds per cent of shareholders voting at the special meeting. The consolidation is also subject to approval of the TSX-V.
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. The company is collaborating with a leading European manufacturer of graphenes to use Aukam graphite to manufacture graphene products for commercialization on an industrial scale.
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