Gratomic Inc., the owner of the Aukam graphite mine, has failed to file its Annual Audited Consolidated Financial Statements and Management Discussion & Analysis for the year ended December 31, 2024.
The delay in filing the Financial Disclosure and the resulting default is due primarily to a lack of available funding.
Gratomic says it has been trying to raise funding to provide much-needed working capital and to pay the accountants and the auditor to perform the audit but has been unable to do so to meet the filing deadline.
The company has applied for a Management Cease Trade Order to be imposed against some or all of the CEO, CFO, directors, officers, or insiders instead of a cease trade order against all its securities.
Such an order would not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade the company’s securities pending the filing of the Financial Disclosure on SEDAR +.
Gratomic also says it is working with its accountants and auditors to complete the audit and financial statements for the year ending December 31, 2024 as soon as possible.
The filing of such financial statements and related MD&A should be on SEDAR+ by June 30, 2025.
Until the Financial Disclosure is filed, Gratomic intends to satisfy the provisions of the Alternate Information Guidelines as set out in the Policy for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a press release.
Gratomic is not subject to insolvency proceedings; no other material information concerning the company’s affairs has been generally disclosed.
Should Gratomic fail to SEDAR + file the Financial Disclosure on or before June 30, 2025, the Ontario Securities Commission may impose a cease trade order that all trading in securities of the company ceases for such period specified in the order.
