Applied Graphite Technologies Corporation is set to debut its shares on the TSX Venture Exchange next week following the completion of its previously announced qualifying transaction.
The graphite company said its qualifying transaction was completed through a three-cornered amalgamation, merging Applied Graphite Technologies Corporation with 1445056 B.C. Ltd., thereby establishing AGT Resources Corporation as a wholly-owned subsidiary of the corporation.
The company will trade as Applied Graphite Technologies Corporation under the ticker symbol ‘AGT’.
Applied Graphite Technologies Corporation has a significant stake of 90% in C-Tech Ceylon (Private) Limited, a Sri Lankan corporation, which holds full ownership of the Dodangaslanda graphite properties in Sri Lanka. Situated within the vein graphite district, these properties boast historical workings and vein graphite outcrops.
In conjunction with the qualifying transaction, Applied Graphite has consolidated its outstanding common shares on a ratio of 1.5:1, resulting in 13,333,333 common shares outstanding post-consolidation. Approximately 8,200,605 common shares were issued to AGT shareholders, bringing the total outstanding shares of the resulting issuer to 21,533,938.
Additionally, there are 1,333,333 stock options, 333,333 broker warrants, and 1,366,454 warrants, all exercisable at $0.15 per common share.
Applied Graphite’s new board of directors includes chairman James Ruane, CEO Don Baxter, Ian Harris, Rodney Stevens, and Chaanaka Abeyratne.
The executive team will be led by Don Baxter, supported by CFO Sunil Sharma and Melissa Martensen as corporate secretary.
Shares are anticipated to start trading on the TSXV at the market opening on March 12, 2024.
Vein graphite, known for its naturally high grade with over 95% carbon content, eliminates the need for primary processing. Recent tests reveal that vein graphite performs exceptionally well in lithium-ion battery anodes, surpassing synthetic graphite in capacity.
Moreover, natural vein graphite offers superior environmental, social, and governance (ESG) credentials compared to its synthetic counterpart while maintaining cost-efficiency and performance standards.