Confirmation of Date Extension of Warrants and Exercise Price of Warrants
Exercise Price
The Company wishes to remind the holders of those common share purchase warrants issued
As background, each Subscription receipt automatically converted on
As disclosed in the Company's news release of
Expiration Date Extension
The holders of these Warrants are further reminded that, as previously announced in the Company's news release dated
Investors are alerted that the market price of the Shares is significantly depressed relative to the initial trading price. Shares are currently trading below cash per Share in the Company's treasury and below the exercise price of the Warrant instruments. The junior resource market is currently significantly depressed and unpredictable. The Company notes that the S&P/TSX Venture Composite Index is currently little more than half of its
Corporate Update
Following the completion of Phase II drilling at the Company's graphite projects, Lac Aux Bouleaux ('LAB') and Standard, the Company has engaged qualified engineering firms to determine a timely path to production.
Mercator Geological Services, a leading Canadian firm on resource estimation, was engaged by the Company to help design future drilling programs and to prepare a resource estimate for the LAB and Standard projects.
Metallurgical testing, essential for the commissioning of a preliminary economic assessment planned for 2024, is expected to commence this month (August 2023).
Strategic partnerships - the Company has been approached by mining companies and end-users, which recognize the near-term production potential of the Company, for possible collaborations and is considering all options with the aim of maximizing shareholder value.
Financing - The Company has is in a good cash position to advance its projects to preliminary assessment and will seek to avoid raising equity at current prices, which it considers to be unduly depressed and unattractive to issue equity at.
Exploration Work
Graphano owns a 100% interest in four graphite properties, all of which are within trucking distance of the LAB mine region which supports the Company's resource consolidation strategy to feed a centralized processing plant at LAB.
The Company is currently designing its next drilling programs with the support of Mercator Geological Services and with the aim of defining a resource that could be exploited in the near term to fulfill the upcoming demand for electric vehicle batteries that are planned for production in
To date, 71 drill holes have been completed at the LAB and Standard projects for a total of 5,593 metres.
At the LAB project, drilling on three separate mineralized trends (Zones 1, 3 and the historical
The LAB project exploration drilling to date suggests that the relatively high-grade LAB graphite horizons are locally folded and structurally thickened which can enhance the potential economics of the mineralization. This is similar to the Lac des Iles (LDI) deposit that has been mined for over 30 years and is located immediately adjacent to Graphano's LAB property.
About
Graphite is one of the most in-demand technology minerals that is required for a green and sustainable world. The Company's Lac Aux Bouleaux property, situated adjacent to
Contact:
Email: info@graphano.com
Cautionary Note Regarding Forward-Looking Statements:
This news release contains certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'anticipates', 'believes', 'intends', 'estimates', 'potential', 'possible', and similar expressions, or statements that events, conditions, or results 'will', 'may', 'could', or 'should' occur or be achieved. Forward-looking statements in this news release relate to, among other things, the commencement of metallurgical testing, future drill programs and resource definition, possible strategic partnerships, further development of and the completion of a resource estimate for the Company's LAB and Standard projects, a centralized processing plant at LAB and the Company's ability to become a future source of graphite. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Graphano, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. These risks, as well as others, are disclosed within the Company's filing on SEDAR+ at www.sedarplus.ca, the Canadian Securities Administrators' national system that all market participants use for filings and disclosure, which investors are encouraged to review prior to any transaction involving the securities of the Company. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Graphano does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
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