- Intellectual property development and commercialization company Zentek ( NASDAQ: ZTEK ) and 1329307 BC have agreed to negotiate a transaction involving the transfer of Zentek's Albany Graphite Deposit unit in northern Ontario.
- The unit will be transferred to SpinCo, an entity to be listed on a recognized Canadian stock exchange.
- Zentek shall retain a majority direct equity interest in SpinCo.The transfer is expected to enable the Albany Graphite project to move forward with the second year of an environmental baseline and hydrogeology studies. The unit aims to eventually complete a prefeasibility study.
- Both the boards have approved the letter of intent.
- ZTEK shares were trading ~5% down pre-market.
- Source: Press Release
For further details see:
Zentek, 1329307 BC agree over transfer of Albany Graphite Deposit unit