A Guelph-based graphene technology company is transferring a highly pure graphite project, near Hearst, to a recently created spinoff company.
Zentek said in a news release that it’s executed a property purchase agreement to transfer its Albany graphite deposit to a new subsidiary, Albany Graphite Corporation.
The plan is to raise project financing for a potential mine through a non-brokered private placement and get the new company listed on a Canadian stock exchange.
Zentek said the funds would be earmarked for engagement with the nearby Constance Lake First Nation and to continue working on an environmental baseline study and other technical studies needed to fully evaluate the project’s potential.
The Albany deposit is situated 30 kilometres north of Highway 11. The discovery was made in 2011.
[More]
