Graphite One Announces Closing of Early Warrant Exercise Incentive Program
Graphite One Announces Closing of Early Warrant Exercise
Incentive Program
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
.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/graphite-one-announces-closing-of-early-warrant-exercise-incentive-program-302105271.html
SOURCE
Graphite One Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/April2024/02/c6968.html
%SEDAR: 00025247E
For further information:
Anthony Huston, CEO, President & Director, Tel: (604) 889-4251, Email: [email protected];
Investor Relations Contact: Tel: (604) 684-6730, [email protected]
CO: Graphite One Inc.
CNW 07:00e 02-APR-24