Manganese X Energy Corp told shareholders Graphano Energy Limited has been approved to begin trading on the TSX Venture Exchange as of September 30, 2021.
The graphite-focused Graphano will be listed under the trading symbol "GEL."
In mid-April, Quebec-based Manganese X reported its shareholders had voted in favour of the company’s plans to spin out Graphano’s Lac Aux Bouleaux graphite property, also located in Quebec.
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"Although the spin-out process has taken much longer than anticipated, it has now come to a successful conclusion, and we are thrilled to announce the commencement of trading of Graphano's shares on the TSXV,” Martin Kepman, CEO of Manganese X, said in the statement. “We are also pleased to announce that the Graphano shares which were issued at $0.05 per share have been consolidated on a 6.5:1 basis and now have a revised deemed issuance price of $0.325 per Graphano share."
Both companies also expressed "regret" when acknowledging delays regarding the commencement of trading.
"While the delays were disappointing and frustrating, the end result is the right one; Graphano will be trading as a Tier 2 mining company of the Exchange, and we look forward to making our many shareholders very happy with the rapid progress that we have planned on the LAB Project,” said Luisa Moreno, CEO of Graphano.
Moreno went on to note: “We also intend to be reviewing other possible acquisition opportunities as we are able to identify them with a view to becoming a significant exploration and development company of technology minerals. Please stay tuned."
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