TORONTO, ON / ACCESSWIRE /April 24, 2020 / Gratomic Inc. (“GRAT” or the “Company”) (TSXV:GRAT)(FRANKFURT:CB81) (WKN:A143MR) wishes to provide an update on the coronavirus pandemic (“COVID-19“) as it affects the Company and the status of the filing of its annual financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications, for the financial year ended December 31, 2019, and the filing of its interim financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications, for the first quarter of 2020 ending March 31, 2020.
The lockdown resulting from the outbreak of COVID-19 has created unprecedented disruptions in the global economy and stock markets. Gratomic’s Board of Directors and Management are taking all necessary precautions to ensure the health of its employees and consultants in Canada and Namibia and to manage the short-term challenges to its business.
On March 23, 2020, the Ontario Securities Commission (“OSC“) enacted Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements (the “OSC Temporary Exemption“) providing a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of COVID-19. Gratomic will be relying on this extension period due to delays experienced as result of COVID-19.
Gratomic will be relying on the OSC Temporary Exemption in respect to the following provisions:
- the requirement to file audited financial statements for the year ended December 31, 2019 (the “Annual Financial Statements“) within 120 days of Gratomic’s financial year end as required by section 4.2(b) of National Instrument 51-102 (“NI 51-102“);
- the requirement to file interim financial statements for the 3-month period ended March 31, 2020 (the “Interim Financial Statements“) within 60 days of Gratomic’s first quarter as required by section 4.4(b) of NI 51-102;
- the requirement to file management’s discussion and analysis (the “Annual MD&A“) for the period covered by the Annual Financial Statements within 120 days of Gratomic’s financial year end as required by section 5.1(2) of NI 51-102;
- the requirement to file management’s discussion and analysis (the “Interim MD&A“) for the period covered by the Interim Financial Statements within 60 days of Gratomic’s first quarter as required by section 5.1(2) of NI 51-102;
- the requirement to file certifications of the Annual Financial Statements (the “Annual Certificates” and together with the Annual Financial Statements, the “Annual Filings“) pursuant to section 4.1 of National Instrument 52-109 (“NI 52-109“);
- the requirement to file certifications of the Interim Financial Statements (the “Interim Certificates” and together with the Interim Financial Statements, the “Interim Filings“) pursuant to section 5.1 of NI 52-109; and
- the requirement to make disclosure with respect to executive compensation not later than 140 days after Gratomic’s financial year-end as required by section 11.6 of NI 51-102.
Gratomic is working diligently and expeditiously with its auditors in both Namibia and Canada to file the Annual Filings on or before June 15, 2020 and the Interim Filings on or before July 14, 2020. In the interim, management and other insiders of Gratomic are subject to a trading black-out policy as described, in principle, in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
Gratomic confirms that since the filing of its interim consolidated financial statements for the period ended September 30, 2019, there have been no material business developments other than those disclosed through press releases including the press releases issued on October 17, 2019 and December 20, 2019 (relating to the Todaq Star Program Phase 1 Corp. (“Todaq”), to supply Todaq with an aggregate of US$25,000,000 of graphite), the press release issued on December 6, 2019 (relating to the consolidation of outstanding capital), the press release issued on March 16, 2020 (relating to leadership changes), the press release issued on March 26, 2020 (relating to the receipt of notice to grant a mining licence), the press release issued on April 6, 2020 (relating to final approval to the $626,000 private placement originally announced on December 2, 20219) and the press release issued on April 21, 2020 (relating to amendments to the terms of the debentures being offered pursuant to the Offering originally announced on April 8, 2020 and announcing certain insider debt settlements). Notwithstanding the trading black-out referred to above, certain insiders and entities affiliated with insiders will be settling outstanding debts for common shares of the Company at $0.06 per share, subject to regulatory approval, when the Offering closes.
As required by the OSC Temporary Exemption, the Company will issue further press releases at 30 day intervals providing updates on material business developments, if any, including updates on the Annual Filings and Interim Filings.
About Gratomic Inc.
Gratomic is an advanced materials company focused on mine to market commercialization of graphite products most notably high value graphene-based components for a range of mass market products. We have a Joint Venture collaborating with Perpetuus Carbon Technology, a leading European manufacturer of graphenes, to use Aukam graphite to manufacture graphene products for commercialization on an industrial scale. The Company is listed on the TSX Venture Exchange under the symbol GRAT.
For more information: visit the website at www.gratomic.ca or contact:
Arno Brand at firstname.lastname@example.org or 416 561-4095
“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE: Gratomic Inc.