Business
Great Lakes Graphite Announces Proposed Change of Business and Name Change
Great Lakes Graphite Announces Proposed Change of Business and Name Change.
About this update from Great Lakes Graphite Inc
[{"type":"text","content":"\n\n 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.\n 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 ...