Graphite One arranges $15.5M private placement to fund feasibility study

Graphite One (TSXV: GPH; OTC: GPHOF) has arranged a private placement of up to 13.5 million units priced at $1.15 each to raise gross proceeds of up to $15.5 million. Each unit consists of one common share of the company and one common share purchase warrant that is exercisable at $1.50 for two years.

Net proceeds from this offering will be used by Graphite One to support an upcoming feasibility study (FS) for its battery anode materials project centred around the Graphite Creek property in Alaska. The project's pre-feasibility study (PFS) is currently nearing completion and is expected to be released by month-end.

Situated on the Seward Peninsula, about 60 km north of Nome, Graphite Creek is host to America's largest high-quality graphite deposit, as defined by the U.S. Geological Survey, with 11.0 million tonnes of measured and indicated resources at a graphite grade of 7.8% Cg (graphitic carbon), for some 850,000 tonnes of contained graphite.

With this resource, Graphite One is looking to build a vertically integrated enterprise to mine, process and manufacture high-grade anode materials, developing what would be the first domestic graphite source for the electric vehicles market in the U.S.

A preliminary economic assessment (PEA) on Graphite Creek envisions a 40-year operation with a mineral processing plant that is capable of producing 60,000 tonnes of graphite concentrate (at 95% purity) per year.

The upcoming PFS is expected to include results from Graphite One's 2021 program and according to its CEO Anthony Huston - should increase confidence that Graphite Creek is a "generational asset." The company previously released results from its 2021 field program, yielding numerous high-grade, near-surface intercepts including 15.2 metres of 22.2% Cg.

In early 2021, the Graphite Creek project was designated a high-priority infrastructure project (HPIP) by the U.S. government's Federal Permitting Improvement Steering Committee (FPISC).

For additional information, visit www.graphiteoneinc.com.