https://www.northernontariobusiness.com/
Zentek delays stock market listing, exploring partnerships while waiting for markets to improve
Last spring’s “soaring demand” for graphite has apparently crash-landed to earth. The optimism expressed last May by Zentek, a Guelph-based graphene technology, to develop its graphite deposit near Hearst has dramatically waned as the market for graphite and battery metals “has deteriorated significantly.”
In a news release, Zentek management said its plans to bring its highly pure Albany graphite deposit, near Constance Lake First Nation, into future production, are on hold. In May, Zentek transferred its Albany deposit to a new subsidiary, Albany Graphite Corp., with big plans to raise project financing for a potential mine through a non-brokered private placement and to get the company listed on a Canadian stock exchange.
That’s not happening right now, the company said this week. Zentek said it will wait for market conditions to improve before proceeding with a private placement and the listing.
“Any and all funds that have been received by prospective investors, and are currently held in trust pending closing of the private placement, will be returned to such prospective investors,” said the release.
For the rest of this article: https://www.northernontariobusiness.com/industry-news/mining/crumbling-graphite-prices-puts-hearst-area-mine-development-on-hold-7861374