Graphite project developer NextSource Materials Inc (TSX:NEXT, OTCQB:NSRC) is recommending shareholders agree to its plans to move the corporate domicile of the company to Canada ahead of an annual and special meeting on December 5 this year. The company is currently incorporated under the laws of Minnesota.
"Management believes that being continued in Canada from Minnesota will assist the company in advancing its business plan internationally and will provide the company certain cost savings related to reduced administrative, legal and accounts matters, as well as logically aligning its corporate domicile to where the head office and executive management reside," it said in a regulatory statement on Monday. The company will continue to conduct the same business and trade in Toronto under the symbol NEXT and on the OTCQB under the symbol NSRC.
To complete its proposed corporate redomicile, the Company must obtain majority approval (50% plus one) from existing stockholders. The Board of Directors and Management unanimously recommend that Shareholders vote in favour of the Redomicile, and that shareholders' votes are important, regardless of the number of shares each owns.
NextSource Materials’ Molo graphite project in Madagascar is a shovel-ready, Feasibility-stage project and ranks as one of the largest-known and highest quality flake graphite deposits in the world.
The company is rapidly advancing its development with production of 17,000 tonnes per annum expected in late 2018. The Molo project boasts the lowest CAPEX of any emerging graphite project at just US$18.4 million and an OPEX cost in the lowest quartile on an all-in, CIF basis.