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DISSEMINATION IN THE UNITED
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VANCOUVER, BC, Nov. 21,
2022 /CNW/ - Graphite One Inc. (TSXV: GPH)
(OTCQX: GPHOF) ("Graphite One" or the "Company") is
pleased to announce that it has closed the final tranche of the
previously announced upsized non-brokered private placement (the
"Offering") raising gross proceeds of $645,052 through the issuance of 560,916 units at
a price of $1.15 per unit ("Final
Tranche 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 date of issuance, which
is subject to an acceleration provision, as described below. In
total, the Company raised gross proceeds of $10,721,434 through the issuance of 9,322,987
units under this Offering.
![Graphite One Inc. Logo (CNW Group/Graphite One Inc.) Graphite One Inc. Logo (CNW Group/Graphite One Inc.)](https://mma.prnewswire.com/media/1953174/Graphite_One_Inc__Graphite_One_Announces_Closing_of_Upsized_Fina.jpg)
The Warrant includes an accelerated provision whereby, in the
event the common shares trade at a price of $2.00 or more on the TSXV or the Toronto Stock
Exchange (if so listed at such time) for 10 consecutive trading
days, the Company may, at its option, issue a press release and a
notice to the warrant holders for the expiry of the warrants on the
date that is 45 days from the press release date and the warrant
holder may exercise the warrants during this 45 day period but no
later than the expiry date.
The Company paid cash finders' fees of $45,154 (aggregate total for all tranches:
$393,225) and issued 39,264
compensation warrants (aggregate total of all tranches: 356,022
compensation warrants), ("Compensation Warrant") pursuant to this
Offering. Each Compensation Warrant entitles the holder to purchase
one common share of the Company for a period of 24 months from the
date of issuance at a price of $1.50
per warrant.
The Company intends to use the net proceeds from the Final
Tranche Financing to support the upcoming feasibility study and for
general working capital. Completion of the Final Tranche
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 Final Tranche Financing
will be subject to a four month plus one day hold period ending on
March 22, 2023.
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. (TSX‐V: GPH; OTCQX: GPHOF) 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)
For more information on Graphite One Inc., please visit the
Company's website www.GraphiteOneInc.com
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.