TORONTO , Nov. 25, 2019 /CNW/ - Gratomic Inc. ("GRAT" or the "Company") (GRAT.V) (FRANKFURT:CB81, WKN:A143MR) is pleased to announce that at the Special Meeting of Shareholders held today, the consolidation of the Company's outstanding capital on the basis of one (1) post-consolidated common share for each five (5) currently issued and outstanding common shares (the "Consolidation") was approved by the required majority of Shareholders with 71.73% of the shares represented at the meeting voting in favour of the Consolidation. The Company will be proceeding with the post-consolidation private placement announced on November 5, 2019 . The Company will provide disclosure relating to the timing of the Consolidation immediately prior to the first closing of the private placement, which is anticipated within the next two (2) weeks.
The Company also wishes to announce that it has settled an aggregate of $81,360 of debt owed to an arm's length creditor in consideration for the issuance of 904,963 common shares of the Company at a deemed price of $0.0899 per share. The securities issued for the settlement of debt will be legended and restricted from trading until March 26, 2020 .
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 have a JV collaborating with Perpetuus Carbon Technology, 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).
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