TORONTO, Feb. 28, 2018 (GLOBE NEWSWIRE) -- Great Lakes Graphite Inc. (“GLK” or the “Company”) (TSX-V:GLK) (OTCQB:GLKIF) (FWB:8GL) today announces a special meeting of the shareholders will be convened to seek approval for a Change of Business in accordance with our shift away from mining and towards the high purity processing, marketing and sales of clean technology minerals. The Company is focused on supplying existing and emerging battery markets with innovative, high quality, value-added graphite products. The Company is one of the first new domestic suppliers to a growing North American customer base.
Highlights
- The Company will propose a Change of Business and industry classification
- Proposed corporate name change to New Energy Metals & Minerals Inc.
Change of Business and Industry Classification
The Company is currently listed on the facilities of the TSXV under the trading symbol "GLK" and is engaged in the exploration and development of graphite properties. GLK does not have any properties in production. Its principal assets consist of cash and a 100% interest in the Lochaber Graphite Deposit, located in the Buckingham district of the Province of Quebec. The Lochaber Property requires no ongoing capital and, subject to completion of the Proposed COB and other corporate and regulatory considerations, the Company expects to divest most or all of this asset to St. Jean Carbon, as announced in a news release dated February 20, 2018.
The adoption of GLK's new business strategy will constitute a "change of business" for the Company within the meaning of the policies of the TSX Venture Exchange (the TSXV Policy 5.2). The change of business to be proposed (the “Proposed COB”) is consistent with the evolution of GLK’s business model to leverage the capabilities developed for graphite and extend them to include additional battery metals and minerals. Accordingly, the proposal may include a change of the Company’s current industrial classification to the appropriate category, and in accordance with the TSX Venture Exchange as contemplated under applicable policies.
Completion of the Proposed COB is subject to a number of conditions, including acceptance by the TSX Venture Exchange. The Company will seek a waiver of the requirement to engage a sponsor but that there is no guarantee that this request will be provided. The Proposed COB also requires approval from the Company's shareholders at a special meeting (the “Meeting”) to be held on May 10, 2018, provided that the votes attached to any Company common shares (“Shares”) held by the current directors and officers of the Company are excluded from such approval.
Additional information with respect to the Proposed COB will be provided in the management information circular to be prepared and mailed to shareholders in connection with the Meeting (the “Circular”).
The Company's legal advisor in respect to the Proposed COB and other transactions is Fogler’s Canada LLP. Revere Securities L.P. in New York has been engaged as a strategic advisor to the Company in connection with the Proposed COB.
Name change to New Energy Metals & Minerals
In connection with the Proposed COB and subject to shareholder and regulatory approval, the Company will concurrently with the completion of the Proposed COB change its business name to "New Energy Metals & Minerals Inc." or such other name as the Board determines is appropriate and which all applicable regulatory authorities accept (the Name Change).
Additional details and related announcements to be provided in subsequent news releases.
Completion of the transactions noted above are subject to number of conditions, including but not limited to, TSXV acceptance and, if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transactions will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Circular to be prepared in connection with the above-noted transactions, any information released or received with respect to the transactions may not be accurate or complete and should not be relied upon. Trading in securities of Great Lakes Graphite Inc should be considered highly speculative.
About Great Lakes Graphite: Great Lakes Graphite is a Clean Technology Minerals Processing Company supplying customers with innovative, high quality value-added carbon products.
There is no significant graphite production in North America now. As pricing and demand continue to rise, Great Lakes Graphite is one of the first new domestic suppliers to a growing regional customer base. We continually work to deliver products of the best quality with outstanding customer service.
The Company is party to an agreement for long-term supply of high quality natural graphite concentrate from Brazil. Great Lakes Graphite is presently working with an established US-based processor for toll micronization services. The Company has partnered with Ashland Advanced Materials for commercial-scale purification operations at Ashland’s 110,000 square foot purification facility located in Niagara, New York.
Through our partner relationships, Great Lakes Graphite began selling micronized synthetic graphite beginning in 2016 and now supplies micronized and high purity micronized natural flake graphite products to a growing customer base.
Further information regarding Great Lakes can be found on the Company’s website at: www.GreatLakesGraphite.com.
Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and currently has 125,656,830 shares outstanding.
For more information, please contact:
Paul Gorman
Chief Executive Officer
Email: PGorman@GreatLakesGraphite.com
Susan Murphy
Manager, Administration
Email: SMurphy@GreatLakesGraphite.com
1-800-754-4510 x101
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward Looking Information: Certain statements in this press release may constitute "forward looking information" which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this press release, such forward looking information may use such words as "may'', "will'', "expect'', "believe'', "plan'' and other similar terminology. Forward looking information is provided for the purpose of presenting information about management's current expectations relating to the future events and the operating performance of the Company, and readers are cautioned that such information may not be appropriate for other purposes. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the ability of the Company to fulfill the orders and future orders, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Great Lakes operates. The foregoing list of factors is not exhaustive. Please see the Company's financial statements, MD&A and other documents available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.