VANCOUVER, BC, Nov. 23,
2022 /CNW/ - Graphite One Inc. (TSXV: GPH)
(OTCQX: GPHOF) ("Graphite One" or the "Company") refers
to the November 20, 2022 news release
whereby the Company announced a total of 9,322,987 units (the
"Units") were issued over two closings for gross proceeds of
$10,721,434 (the
"Offering"). Taiga Mining Company, Inc.
("Taiga"), an insider of the Company, participated in the
Offering and acquired 2,258,957 Units. The issuance of
Units to Taiga pursuant to the Offering ("Insider
Participation") is considered to be a related party transaction
within the meaning of TSXV Policy 5.9 and Multilateral Instrument
61-101 ("MI 61-101"). The Company relied on the
exemptions from the valuation and minority shareholder approval
requirements of MI 61-101 contained in Sections 5.5(b) and
5.7(1)(b) of MI 61-101 in respect of the Insider Participation.
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Prior to the completion of the Offering, Taiga had beneficial
ownership and control of 27,891,234 common shares of the Company
("Common Shares"), representing approximately 26.6% of the
Company's issued and outstanding Common Shares as of such date.
Following the completion of the Offering, Taiga now has beneficial
ownership and control of 30,150,191 Common Shares, or approximately
28.0% of the Company's issued and outstanding Common Shares as of
the date of this press release, an increase of 1.4%. In
addition, Taiga and its joint actors hold 8,768,189 common share
purchase warrants, and which, if exercised, would result in Taiga
having beneficial ownership and control over an aggregate of
38,918,380 Common Shares of the Company on a partially diluted
basis (assuming no other shares were issued and no other
convertible securities were converted by the Company).
The joint actors involved in the Insider Participation are
Jerome Birch and Kevin Greenfield.
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 or contact:
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.
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SOURCE Graphite One Inc.