VANCOUVER, BC, Sept. 16,
2024 /CNW/ - Graphite One Inc. (TSXV: GPH)
(OTCQX: GPHOF) ("Graphite One" or the
"Company") announces today that it is intending to extend
the expiry date of an aggregate 2,802,690 outstanding common share
purchase warrants (the "Warrants") due to expire on
September 17, 2024, all of which are
held by Bering Straits Native Corporation ("BSNC"). BSNC is
a strategic partner at the Company's Graphite Creek Project.
The Warrants were issued in connection with a private placement
transaction that closed on September 17,
2023 and are currently exercisable at Cdn$1.21 per common share.
Under the proposed amendment to the Warrants (the "Proposed
Amendment"), the Company proposes to extend the expiry date for
a further one year to September 17,
2025 (the "Warrant Extension"), with all other terms
of the Warrants remaining the same. The Proposed Amendment is
subject to approval by the TSX Venture Exchange.
Formed in 1972, BSNC is the regional Alaska Native Corporation
for the Bering Strait region, which includes the Seward Peninsula in Western Alaska and the coastal lands
surrounding Norton Sound. The Graphite Creek Project is located on
State and private land in the BSNC region.
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)
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
implementation of the Proposed Amendment, including the anticipated
timing thereof and the TSXV's acceptance of the Proposed Amendment
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.