Applied Graphite Closes Private Placement
Applied Graphite Closes Private Placement
VANCOUVER, BC
,
May 27, 2024
/CNW/ -
Applied Graphite Technologies Corp.
("AGT")
(TSXV:
AGT) (OTCQB: AGRTF), has closed a non-brokered private placement with a strategic investor and
has issued 2,000,000 common shares at a price of
$0.15
per share for gross proceeds of
$300,000
(the "Offering"). The closing of the Offering is subject to final acceptance of the TSX Venture
Exchange. The common shares issued will be subject to a hold period of four months and one day
expiring
September 25, 2024
in accordance with applicable securities laws. The net proceeds of the
Offering will be used for exploration of the Queens
Mine Complex
graphite project and general
working capital.
"I am pleased with the increased awareness of graphite as a supply critical material for lithium-ion
batteries, and in particular, the interest in AGT's natural, high-grade, vein graphite properties in
Sri
Lanka
" said
Don Baxter
, CEO.
None of the securities sold in connection with the Offering will be registered under the United States
Securities Act of 1933, as amended, and no such securities may be offered or sold in
the United
States
absent registration or an applicable exemption from the registration requirements. This news
release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any
sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Applied Graphite Technologies
Applied Graphite Technologies is developing the Queens
Mine Complex
in
Sri Lanka
. The QMC is on
private land in the heart of the vein graphite district, with historical workings and vein graphite
outcrops. Vein graphite is naturally high grade (+95% carbon content in the ground) and does not
require primary processing. Testing of vein graphite in lithium-ion battery anodes has shown very
high capacities, performing better than synthetic graphite. Natural vein graphite has a far superior
ESG footprint than synthetic and is cheaper without compromising performance.
The technical information in this news release has been prepared by
Don Baxter
, P.Eng., a "qualified
person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("
NI
43-101
").
www.appliedgraphite.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release
.
This news release contains forward-looking information as such term is defined in applicable
securities laws, which relate to future events or future performance and reflect management's
current expectations and assumptions. The forward-looking information includes statements about
Applied Graphite Technologies (AGT)
's plans. Such forward-looking statements reflect
management's current beliefs and are based on assumptions made by and information currently
available to
AGT
, including the assumption that approvals will be obtained. Investors are cautioned
that these forward-looking statements are neither promises nor guarantees and are subject to risks
and uncertainties that may cause future results to differ materially from those expected. Risk
factors that could cause actual results to differ materially from the results expressed or implied by
the forward-looking information include, among other things, an inability to access financing as
needed.
AGT
cautions the reader that the above list of risk factors is not exhaustive. Except as
required under applicable securities legislation, AGT undertakes no obligation to publicly update or
revise forward-looking information.
SOURCE
Applied Graphite Technologies Corporation
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For further information:
Don Baxter, Chief Executive Officer, [email protected], +1 (778)
742-5515
CO: Applied Graphite Technologies Corporation
CNW 07:00e 27-MAY-24