Business
Zentek Files Amended and Restated Financial Statements and MD&A, Provides Year End Update on Key Projects and Initiatives, and Amends Terms of Proposed Financing
Guelph, Ontario--(Newsfile Corp. - December 23, 2021) - Zentek Ltd. (TSXV: ZEN) (OTC: ZENYF)...
About this update from Zentek Ltd.
[{"type":"text","content":"Zentek Files Amended and Restated Financial Statements and MD&A, Provides Year End Update on Key Projects and Initiatives, and Amends Terms of Proposed FinancingGuelph, Ontario--(Newsfile Corp. - December 23, 2021) - Zentek Ltd. (TSXV: ZEN) (OTC: ZENYF) (\"ZEN\" or the \"Company\"), a Canadian IP development and commercialization company focused on next-gen healthcare solutions, announces, in connection with a review by Staff of the Ontario Securities Commission (the \"OSC\"), the filing of amended and restated unaudited condensed consolidated interim financial statements (the \"Q2 2021 FS\") and management's discussion and analysis thereof (\"Q2 2021 MDA\", together with the Q2 2021 FS, the \"Amended Statements\"), and provides updates on its business developments over the past year, including the development of its patent-pending anti-microbial ZENGuard™ compound, its licensing status with Health Canada, its commercial revenue-generating agreement with Trebor Rx Corp. (\"Trebor\"), the development of the Company's planned industrial scale production plant, and certain of its other previously disclosed initiatives.2021 HighlightsIn September 2021, Health Canada authorization for the sale of ZENGuard™ coated masks was received under the Interim Order No. 2- 329587 (the \"Interim Order\"), which is eighteen months in duration.In September 2021, the Company entered into a binding definitive license and supply agreement with Trebor Rx Corp. for the supply of ZENGuard™ to coat face masks and potentially other health care products.In November 2021, the Company received a medical device establishment license (\"MDEL\") from Health Canada, which permits it to manufacture, and distribute all class one medical devices in general (whether or not coated with the ZENGuard™ antimicrobial coating), even after the expiration of the authorization under the Interim Order.Development is underway of the Company's industrial scale facility to produce ZENGuard™ and to coat materials.Financing StatusFurther to its press releases dated November 16, 2021, and November 24, 2021, the Company is continuing to work towards its previously disclosed proposed C$30 million financing (the \"Offerings\"). In connection with a review by Staff of the OSC the Company was asked to provide updates on its various previously disclosed...