Business
Graphite One Announces CA$8 Million Financing
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES ...
About this update from Graphite One Inc.
[{"type":"text","content":"Graphite One Announces CA$8 Million FinancingNOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICESVANCOUVER, BC / ACCESSWIRE / January 20, 2021 / Graphite One Inc. (TSXV:GPH)(OTCQB:GPHOF) (\"Graphite One\" or the \"Company\") announces that it intends to complete a non-brokered private placement offering (the \"Offering\") to raise gross proceeds of up to CA$8,000,000.The Company plans to issue up to 16 million units (the \"Units\") at a price of CA$0.50 per Unit. Each Unit consists of one common share (a \"Common Share\") and one transferable common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to purchase one full Common Share at a purchase price of CA$0.61 per Common Share and will expire two years from the date of issuance. The Warrants include an accelerated exercise clause whereby, in the event the Common Shares trade at a volume of CA$0.90 or more on the TSXV or the Toronto Stock Exchange (if so listed at such time) for 10 consecutive trading days, the Company may, at its option, issue a press release and a notice to the Warrant holder for the expiry of the Warrants on the date that is 45 days from the press release and notice and the Warrant holder may exercise the Warrants during this 45 day period but no later than the expiry date.The Company may pay finders' fees to arm's-length parties in connection with the Offering.The net proceeds of the Offering will be used for exploration and development of the Company's Graphite Creek Project and for general working capital purposes including Graphite One's Pre-Feasibility Study, projected for completion by the end of Q2 2021.Closing is expected to occur around the end of February 2021, subject to receipt of final applicable regulatory approvals including approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a restricted period that expires four months following the date of issuance.EV & Energy Storage: Driving Graphite DemandAccording to George Miller of Benchmark Mineral Intelligence, \"Alongside demand from energy storage applications, the battery industry is due to become the largest sector of demand for the graphite supply chain - the sector is seen aggressively increasing to around 15 times today's demand by 2030.\"[1]About Graphite OneGRAPHITE ONE I...