VANCOUVER, BC, April 2,
2024 /CNW/ - Graphite One Inc. (TSXV: GPH)
(OTCQX: GPHOF) ("Graphite One" or the "Company") is
pleased to announce that further to its press releases dated
February 13, 2024 and February 20, 2024, the Company has closed its
early warrant exercise incentive program (the "Warrant Incentive
Program") receiving aggregate gross proceeds of Cdn$5,130,873 from the exercise of 5,130,873
outstanding common share purchase warrants (the "Warrants"),
which included Taiga's exercise of 2,258,957 Warrants. These
Warrants were exercised between February 20,
2024 and March 21, 2024, which
was subsequently extended for one additional week to March 28, 2024 (the "Warrant Exercise
Period") at a reduced exercise price of Cdn$1.00 per common share and due to expire on
August 28, 2024 and November 21, 2024. The exercise price on
the remaining 6,824,804 Warrants that were not exercised during the
Warrant Exercise Period revert back to the original terms as they
existed prior to the Warrant Incentive Program.
The Warrant Incentive Program was designed to encourage the
exercise of outstanding Warrants issued as part of the Company's
private placements which closed August 28,
2022, November 21, 2022 and
September 17, 2023. In
connection with the exercise of the Warrants under the Warrant
Incentive Program, the Company issued an aggregate of 5,130,873
common share purchase warrants (the "Sweetener Warrants") to
such warrant holders who exercised under the Warrant Incentive
Program. Each Sweetener Warrant has an exercise price of
Cdn$1.00 per common share and expires
at the earlier of: (i) three (3) years from the date of issuance;
and (ii) at the Company's option, 30 days from the date of
announcement to accelerate the expiry date, if for any ten (10)
consecutive trading days the closing price of the Company's common
shares on the TSXV Venture Exchange (the "TSXV") equals or
exceeds Cdn$1.20.
The Sweetener Warrants and the common shares issuable on the
exercise thereof are subject to a four-month and one day hold
period from their date of issuance of the Sweetener Warrants. The
use of proceeds from the exercise of Warrants will be used to
support the feasibility study and for general working capital.
The Warrant Incentive Program is subject to the receipt of the
final approval of the TSXV.
Taiga Mining Company, Inc. and its holdings in Graphite
One
Taiga Mining Company, Inc. ("Taiga"), an insider of the
Company, exercised all of its 2,258,957 Warrants and will
receive 2,258,957 Sweetener Warrants ("Insider
Participation") under the Warrant Incentive Program. The
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 has
relied on the exemptions from the valuation and minority
shareholder approval requirements of MI 61-101 contained in
Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of the
Insider Participation.
Prior to the exercise of all its outstanding Warrants (excluding
the Sweetener Warrants), Taiga had beneficial ownership and control
of 36,659,420 common shares of the Company, representing
approximately 27.71% of the Company's issued and outstanding common
shares as of such date and held 2,258,957 Warrants. Following the
exercise of all of its Warrants (excluding the Sweetener Warrants),
Taiga now has beneficial ownership and control of 38,918,377 common
shares, or approximately 28.32% of the Company's issued and
outstanding common shares as of the date of this press release and
holds 2,258,957 Sweetener Warrants.
About Graphite One
Inc.
GRAPHITE ONE INC. (TSX‐V: GPH; OTCQX: GPHOF) continues to
develop its Graphite One Project (the "Project") to 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 anode materials primarily for the lithium‐ion electric
vehicle battery market. As set forth in the Company's 2022
Pre-Feasibility Study, graphite mineralization mined from the
Company's Graphite Creek Property, situated on the Seward Peninsula about sixty (60) kilometers
north of Nome, Alaska, would be
processed into concentrate at an adjacent processing plant.
Natural and artificial 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 to be located in the
contiguous United States. 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. Other than statements of
historical facts, all statements in this release that address the
TSXV's final acceptance of the Warrant Incentive Program and the
intended use of proceeds 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, 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.sedarplus.ca.
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SOURCE Graphite One Inc.