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Graphite One Amends Net Smelter Production Royalty Agreement
VANCOUVER, BC / ACCESSWIRE / November 6, 2020 / Graphite One Inc. (TSX-V:GPH) (OTCQB:GPHOF) (...
About this update from Graphite One Inc.
[{"type":"text","content":"Graphite One Amends Net Smelter Production Royalty AgreementVANCOUVER, BC / ACCESSWIRE / November 6, 2020 / Graphite One Inc. (TSX-V:GPH) (OTCQB:GPHOF) (\"Graphite One\" or the \"Company\") announces an adjustment to the net smelter royalty purchase entered into with a third party on October 8, 2020.ADJUSTMENT TO THE PURCHASE OF NET SMELTER PRODUCTION ROYALTYOn October 15, 2020, the Company announced that it had entered into an agreement (the \"original NSR Purchase Agreement\") to acquire a 2% net smelter production royalty (NSR) from a third-party against certain claims that are held by the Company, and which make up a part of the Company's Graphite Creek Project in Alaska. Under terms of the original NSR Purchase Agreement, the Company agreed to issue 2,500,000 common shares at a price of CA$0.40 and 2,500,000 common share purchase warrants, with an exercise price of CA$0.50 and a term of five years, all subject to TSX Venture Exchange (\"TSXV\") approval. As a result of the increase in the Company's share price, upon review by the TSXV, the NSR Purchase Agreement has been amended to re-price the common shares at an issue price price of CA$0.49 and the warrants will have a revised exercise price of CA$0.61. All other terms of the NSR Purchase Agreement remain unchanged.About Graphite One Inc.GRAPHITE ONE INC. (GPH: TSX-V; GPHOF: OTCQB) continues to develop its Graphite One Project (the \"Project\"), whereby the Company could potentially become an American producer of high grade Coated Spherical Graphite (\"CSG\") that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine, process and manufacture high grade CSG primarily for the lithium-ion electric vehicle battery market. As set forth in the Company's Preliminary Economic Assessment, 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. CSG and other value-added graphite products, would likely be manufactured from the concentrate at the Company's proposed graphite product manufacturing facility, the location of which is the subject of further study and ana...