VANCOUVER, BC, Aug. 2, 2022
/CNW/ - Graphite One Inc. (TSXV: GPH) (OTCQX:
GPHOF) (the "Company") is pleased to announce that
the Company intends to amend the term of 10,429,981 warrants that
were issued on August 12, 2021 and
September 24, 2021. Such
amendment is subject to Exchange acceptance. The amendment
includes extending the expiry date of the warrants from
August 12, 2022 to May 12, 2023 and adds a new acceleration
provision whereby if the Company's share price closes above
$1.75 for 20 consecutive trading
days, the Company can elect to accelerate the expiry date of the
warrant by issuing a press release to notify the warrantholders the
warrants will expire 45 days from the press release date. The
original exercise price of $1.50 per
warrant and all other terms of the warrants will remain unchanged
for the extended exercise period.
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The warrants were issued as part of the June 30, 2021 announcement of a brokered private
placement of up to 12 million units at $1.00 per unit. Each unit consisted of one common
share and one share-purchase warrant exercisable at $1.50 per warrant and expires 12 months from the
date of closing.
No action is required by the warrant holders as a result of the
extension of the warrant expiry date. A warrant holder who
wishes to exercise the warrants will be required to submit a
warrant exercise form to Computershare, the Company's agent for
processing the warrant exercises.
About Graphite One Inc.
GRAPHITE ONE INC. (TSXV: GPH) (OTCQX: GPHOF) continues to
develop its Graphite One Project (the "Project"), whereby the
Company could potentially become an American producer of high-grade
anode materials that is integrated with a domestic graphite
resource. The Project is proposed as a vertically integrated
enterprise to mine, process and manufacture high grade anode
materials primarily for the lithium–ion electric vehicle battery
market. As set forth in the Company's Preliminary Economic
Assessment, potential graphite mineralization mined from the
Company's Graphite Creek Property, is expected to be processed into
concentrate at a graphite processing plant. The proposed processing
plant would be located on the Graphite Creek Property situated on
the Seward Peninsula about 60 kilometers north of Nome,
Alaska. Graphite anodes and other value–added graphite
products would be manufactured from the concentrate and other
materials at the Company's proposed advanced graphite materials
manufacturing facility, the location of which is the subject of
further study and analysis. The Company intends to make a
production decision on the Project once a feasibility study is
completed.
On Behalf of the Board of
Directors
"Anthony Huston" (signed)
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This release includes certain statements that may be deemed
to be forward-looking statements. All statements in this release,
other than statements of historical facts, that address future
production, establishment of a processing plant, and events or
developments that the Company expects, are forward-looking
statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and
exploration successes, continuity of mineralization, uncertainties
related to the ability to obtain necessary permits, licenses and
title and delays due to third party opposition, changes in
government policies regarding mining and natural resource
exploration and exploitation, and continued availability of capital
and financing, and general economic, market or business conditions.
Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is
expressed in this press release, and the Company undertakes no
obligation to update publicly or revise any forward-looking
information, except as required by applicable securities laws. For
more information on the Company, investors should review the
Company's continuous disclosure filings that are available at
www.sedar.com.
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SOURCE Graphite One Inc.