TORONTO , Oct. 4, 2019 /CNW/ - Gratomic Inc. ("Gratomic" or the "Company") (GRAT.V) (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).
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