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NovoCarbon Corporation Refiles Q1 and Q2 2018 Interim Financial Statements and MD&A, Q3 MD&A, clarifies Lochaber property and Announces Filing of Material Change Reports
NovoCarbon Corporation Refiles Q1 and Q2 2018 Interim Financial Statements and MD&A, Q3 MD&A, clarifies Lochaber property and Announces Filing of Material Change Reports.
About this update from Great Lakes Graphite Inc
[{"type":"text","content":"\nTORONTO, Dec. 27, 2018 (GLOBE NEWSWIRE) -- Great Lakes Graphite Inc. doing business as NovoCarbon Corporation (“GLK”, “NovoCarbon” or the “Company” TSX-V:GLK, OTCQB:GLKIF, FWB:8GL) announces today that the Company has refiled its unaudited interim consolidated financial statements and the MD&A for the three months ended January 31, 2018 and the three and six months ended April 30, 2018.  The Company has also refiled the MD&A for the nine months ended July 31, 2018.\n This filing, news release and the MCR have been filed in connection with a continuous disclosure review conducted by staff of the Ontario Securities Commission.  The MCR was not filed within the prescribed timeframe in accordance with the requirements of Ontario securities law, and it was subsequently filed as a result of such review.  The Company has restated its financial statements as at and for the three months ended January 31, 2018 to consolidate the activity of its incorporated subsidiary ‘NovoCarbon Inc.’  Activity in this subsidiary commenced in November 2017.  The adjustments noted below record the effect of consolidating results of operations during the three months ended January 31, 2018, its cash balances and the elimination of applicable intercompany balances.  Furthermore, Amounts paid to related parties in note 14 has been amended to include amounts paid by the subsidiary to the Chief Marketing Officer and the Senior Vice President of Sales $38,103 and $38,103, respectively, or $76,206 in aggregate. Additionally, the Company has reclassified its exploration and evaluation assets to exploration and evaluation assets held-for-sale, reflective of the Company’s decision to sell its Lochaber property. The Company has amended and restated the management’s discussion and analysis for the three months ended January 31, 2018 to include additional detail on corporate development and administration expense, and additional detail on financial variances, and additional disclosure with respect to project activity and their ensuing progress. The impact of this change on the consolidated financial statements as at and for the three months ended January 31, 2018 is as follows;     As Previously        Reported...