Pursuant to the terms of the Arrangement, the Company distributed 15,559,049 common shares of Graphano ("Graphano Shares") to shareholders of record of Manganese X common shares ("Manganese X Shares") as of August 24, 2021 (the "Record Date"), on the basis of one Graphano Share for every eight shares of Manganese X held on the Record Date.
In connection with completion of the Arrangement, the Company is also pleased to announce that the escrow release conditions have been satisfied in respect of Graphano's previously completed offering of subscription receipts ("Subscription Receipts") for gross proceeds of $4,097,283 (the "Escrowed Proceeds"). Pursuant to the subscription receipt agreement, the escrowed proceeds have been released to Graphano.
As previously disclosed on August 16, 2021, Graphano has been conditionally approved to list its common shares of ("Graphano Shares") on the TSX Venture Exchange ("TSXV") under the symbol "GEL." Listing on the TSXV will be subject to Graphano's fulfilling all of the requirements of the TSXV. Graphano expects to satisfy the requirements of the TSXV in the coming weeks.
Upon the closing of the Arrangement, Graphano and Manganese X will be operating as separate companies with separate management teams and boards of directors. Details of the Arrangement were described in the Company's information circular dated March 16, 2021, which was mailed to its shareholders and filed on SEDAR at www.sedar.com.
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