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VANCOUVER, BC, Aug. 30,
2022 /CNW/ - Graphite One Inc. (TSXV: GPH)
(OTCQX: GPHOF) ("Graphite One" or the "Company") is
pleased to announce that it has closed the first tranche of the
previously announced non-brokered private placement dated
August 8, 2022 raising gross proceeds
of $10,076,382 through the issuance
of 8,762,071 units at a price of $1.15 per unit ("Tranche One Financing").
Each unit consists of one common share and one common share
purchase warrant (a "Warrant"), with each Warrant entitling the
holder to acquire, on payment of $1.50 to the Company, one common share of the
Company for a period of 24 months from the closing date of the
Tranche One Financing, which is subject to an acceleration
provision.
![Graphite One Logo (CNW Group/Graphite One Inc.) Graphite One Logo (CNW Group/Graphite One Inc.)](https://mma.prnewswire.com/media/1887801/Graphite_One_Inc__Graphite_One_Announces_Closing_of__10_08_Milli.jpg)
The Company paid cash finders' fees of $316,758 and issued 316,758 compensation warrants
("Compensation Warrant") on the Tranche One Financing. Each
Compensation Warrant entitles the holder to purchase one common
share of the Company for a period of 24 months from the closing
date of the Tranche One Financing at an exercise price of
C$1.50.
The Company intends to use the net proceeds from the Tranche One
Financing to support the upcoming feasibility study, including the
completion of the summer drilling program, for business development
activities and general working capital. Completion of the
Tranche One Financing is subject to receipt of final applicable
regulatory approvals including final approval of the TSX Venture
Exchange. All securities issued in connection with the Tranche One
Financing will be subject to a four month hold period ending
December 30, 2022.
This media release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About Graphite One Inc.
GRAPHITE ONE INC. (GPH: TSX–V; GPHOF: OTCQB) continues to
develop its Graphite One Project (the "Project"), with the goal of
becoming 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 2022 Pre-Feasibility Study, 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 anode materials
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 expected to be
located in Washington. The Company intends to make a
production decision on the Project upon the completion of a
Feasibility Study.
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 the use of
proceeds from the Offering, receipt of regulatory approvals,
exploration drilling, exploitation activities 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 no 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 the receipt of all necessary
regulatory approvals, 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.
SOURCE Graphite One Inc.