Business
Graphite One Announces Name Change, Share Consolidation and Loan Repayment
VANCOUVER, British Columbia, March 13, 2019 (GLOBE NEWSWIRE) -- Graphite One Inc. (GPH: TSX-V; GPHOF: OTCQB) (“Graphite One” or the “Company”) Graphite One is p
About this update from Graphite One Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, March 13, 2019 (GLOBE NEWSWIRE) -- Graphite One Inc. (GPH: TSX-V; GPHOF: OTCQB) (“Graphite One” or the “Company”) Graphite One is pleased to announce that further to the approval received at a Special Meeting of Shareholders held on February 22, 2019 (the “Meeting”) and as described in more detail in the management information circular of the Company dated January 18, 2019 (the “Circular”), the Company’s name has changed to “Graphite One Inc.” In connection with the name change, the Board has authorized a consolidation of its outstanding common shares (“Common Shares”) on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Share (the “Share Consolidation”). Furthermore, at the Meeting and as described in the Circular, the conversion of the Company’s existing debt owed to Taiga Mining Company, Inc. (“Taiga”) into Common Shares of the Company has been approved and in connection, the creation of Taiga as a new “control person”. Name Change and Share Consolidation The change of the Company name to “Graphite One Inc.” is to present the Company as more than a resource development company as it progresses with developing into a technology and advanced materials manufacturing entity as well as a resource development company. The Company has received approval of the TSX Venture Exchange (the “TSXV”) for the name change and Share Consolidation. The Company’s Common Shares will begin trading under the new name on the TSXV on a post-consolidated basis at market open on Monday, March 18, 2019. The Company will continue to trade under the symbol “GPH” on the TSXV. It is expected that the Share Consolidation will reduce the number of outstanding Common Shares from 326,122,448 Common Shares to approximately 32,612,245 post-consolidated Common Shares on a non-diluted basis. No fractional shares will be issued with any fraction of a share less than one-half of a Common Share being cancelled and with any fraction of a share more than one-half of a Common Share being rounded down to the nearest whole number. The number and exercise price of all the Company’s currently outstanding convertible securities, being stock options and common share purchase warrants, will also be adjusted to give effect to the Share Consolidation pursuant to the Company’s Stock Option Pl...