VANCOUVER, BC, May 27, 2024
/CNW/ - Applied Graphite Technologies
Corp. ("AGT") (TSXV: AGT) (OTCQB: AGRTF), has
closed a non-brokered private placement with a strategic investor
and has issued 2,000,000 common shares at a price of $0.15 per share for gross proceeds of
$300,000 (the "Offering"). The
closing of the Offering is subject to final acceptance of the TSX
Venture Exchange. The common shares issued will be subject to a
hold period of four months and one day expiring September 25, 2024 in accordance with applicable
securities laws. The net proceeds of the Offering will be used for
exploration of the Queens Mine
Complex graphite project and general working capital.
"I am pleased with the increased awareness of graphite as a
supply critical material for lithium-ion batteries, and in
particular, the interest in AGT's natural, high-grade, vein
graphite properties in Sri Lanka"
said Don Baxter, CEO.
None of the securities sold in connection with the Offering will
be registered under the United States Securities Act of 1933, as
amended, and no such securities may be offered or sold in
the United States absent
registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Applied Graphite
Technologies
Applied Graphite Technologies is developing the Queens
Mine Complex in Sri Lanka. The QMC is on private land in the
heart of the vein graphite district, with historical workings and
vein graphite outcrops. Vein graphite is naturally high grade (+95%
carbon content in the ground) and does not require primary
processing. Testing of vein graphite in lithium-ion battery anodes
has shown very high capacities, performing better than synthetic
graphite. Natural vein graphite has a far superior ESG footprint
than synthetic and is cheaper without compromising performance.
The technical information in this news release has been prepared
by Don Baxter, P.Eng., a "qualified
person" as defined in National Instrument 43-101 Standards of
Disclosure for Mineral Projects ("NI 43-101").
www.appliedgraphite.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking information as
such term is defined in applicable securities laws, which relate to
future events or future performance and reflect management's
current expectations and assumptions. The forward-looking
information includes statements about Applied Graphite
Technologies (AGT)'s plans. Such forward-looking statements
reflect management's current beliefs and are based on assumptions
made by and information currently available to AGT,
including the assumption that approvals will be obtained. Investors
are cautioned that these forward-looking statements are neither
promises nor guarantees and are subject to risks and uncertainties
that may cause future results to differ materially from those
expected. Risk factors that could cause actual results to differ
materially from the results expressed or implied by the
forward-looking information include, among other things, an
inability to access financing as needed. AGT cautions
the reader that the above list of risk factors is not exhaustive.
Except as required under applicable securities legislation, AGT
undertakes no obligation to publicly update or revise
forward-looking information.
SOURCE Applied Graphite Technologies Corporation