The company’s existing graphite projects include the Grumpy Lizard graphite project and the Buckingham North graphite project.
Through a plan of arrangement, Matica’s shareholders will have shares of Spinco.
Spinco will be responsible to oversee and develop these and future projects, and may seek to list on the Canadian Securities Exchange.
Matica Enterprises CEO Boris Ziger said: "The Grumpy Lizard is an important graphite property for Matica.
"The lack of overburden on the property will make for a fast paced exploration program and the proximity to a potential graphite buyer should hasten the program towards development."
Comprising of 96 claims, the Grumpy Lizard project was found to contain large flake graphite at surface. Gold Exploration Management Services has completed reconnaissance prospecting in the claims area.
Matica Enterprises has secured 22 exploration permits in Buckingham township, Quebec. Previous records and geological mappings point to a paragneisses concentration within claim boundaries, which are believed to contain graphite.
