Vancouver, British
Columbia, Canada -- December 23, 2021 -- InvestorsHub NewsWire
-- Graphano Energy Ltd. (TSXV: GEL, OTC PINK: GELEF, FSE: 97G0) (the
"Company"
or "Graphano
Energy") is
pleased to announce that its 2022 drilling program at its Lac Aux
Bouleaux ("LAB")
graphite project in Québec
is underway. Details of
the drilling program will be outlined in the coming weeks. To fund
the drill program, the Company is pleased to also announce that it
has completed a non-brokered private placement offering (the
"Offering")
issuing an aggregate 1,562,500 flow-through units (each, a
"FT
Unit") at a
price of $0.80 per FT Unit for aggregate gross proceeds of
$1,250,000.00 (the "Proceeds").
Each FT Unit consists of
one common share of the Company that qualifies as a "flow-through
share" for the purposes of the Income Tax
Act (Canada) (a
"FT
Share") and
one-half of one common share purchase warrant of the Company,
whereby each whole common share purchase warrant of the Company (a
"Warrant")
entitles the holder thereof to purchase a common share of the
Company (a "Share")
at an exercise price of $1.10 until December 23, 2023.
The Proceeds will be
used for
Canadian Exploration Expenses ("CEE")
and "flow-through mining expenditures" as defined in the
Income Tax Act (Canada)
(the
"Qualifying
Expenditures"), which
will be incurred on or before December 31, 2022, and renounced with
an effective date no later than December 31, 2021, to the initial
subscribers of the FT Units in an aggregate amount not less than
the Proceeds. In addition, with respect to Québec resident
subscribers who are eligible individuals under
the Taxation
Act (Québec),
the CEE will also qualify for inclusion in the "exploration base
relating to certain Québec exploration expenses" within the meaning
of section 726.4.10 of the Taxation
Act (Québec)
and for inclusion in the "exploration base relating to certain
Québec surface mining expenses or oil and gas exploration expenses"
within the meaning of section 726.4.17.2 of the Taxation
Act (Québec).
If the Qualifying Expenditures are reduced by the Canada Revenue
Agency, the Company will indemnify each FT Share subscriber for any
additional taxes payable by such subscriber as a result of the
Company's failure to renounce the Qualifying Expenditures as
agreed.
In connection with the
Offering, the Company paid a cash finder's fee
of $75,000.00, representing 6% of the Proceeds
raised from investors introduced to the Company by GloRes
Securities Inc., and issued an
aggregate of 93,750 finders' warrants, representing 6% of the
number of FT Units sold under the Offering.
Each
finder's warrant is exercisable into a Share at an exercise price of $1.10 until
December 23, 2023.
The Offering was carried
out pursuant to prospectus exemptions of applicable securities laws
and is subject to final acceptance by the TSX Venture Exchange. All
securities issued pursuant to the Offering are subject to a hold
period of four months plus a day from the date of issuance,
expiring on April 24, 2022, and the resale rules of applicable
securities legislation.
The
securities issued have not been, nor will they be, registered under
the United States Securities Act of 1933, as amended, or any state
securities law, and may not be offered, sold, or delivered,
directly or indirectly, within the
United States, or to or for the account or benefit of U.S. persons,
absent registration or an exemption from such registration
requirements. This news release does not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of securities in any state in the
United States in
which such offer, solicitation or sale would be
unlawful.
Corporate Update
Since the
Company's listing on the TSX Venture Exchange on September 30,
2021, Graphano Energy has been active in the field
performing detailed exploration work, which resulted in several new
graphite showings being identified in the eastern and southern
areas of the LAB property. Additional geophysics and trenching work
will be performed throughout the LAB property, particularly in the
central and northern regions with the aim of identifying additional
high-grade showings.
The Company is currently
compiling and analysing current and historical data to develop an
initial drilling plan scheduled to commence in late-January 2022.
Graphano Energy will release details of the drilling program in the
coming weeks.
Luisa
Moreno, Chief Executive Officer of the Company, commented: "With
the flow-through financing, we are well positioned to continue our
aggressive exploration approach to advance our LAB graphite project
and we look forward to reaching progressive milestones that have
the potential to create significant shareholder
value."
She added,
"Graphano Energy's stock has been under pressure in part because of
our early success, but we are just starting. We are pleased to
close the flow-through financing and grateful to all our
shareholders for joining us on this exciting journey. We look
forward to a great 2022."
About
Graphano Energy
Graphano Energy Ltd. is
an exploration and development company that is focused on
evaluating, acquiring and developing energy metals resources from
exploration to production.
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 in
Québec, Canada, has historically been an active area for natural
graphite. With the demand for graphite growing in some of the most
prominent and cutting-edge industries, such as lithium batteries in
electric cars and other energy storage technologies, Graphano
Energy is developing its project to meet the demands of the
future.
ON BEHALF OF THE BOARD OF
DIRECTORS
Luisa Moreno
Chief Executive Officer
and Director
E:
info@graphano.com
Neither 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.
Cautionary Note
Regarding Forward-Looking Statements:
This
news release contains "forward-looking information" including
statements with respect to the future exploration performance of
the Company. This forward-looking information involves known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements of the Company, expressed or implied by such
forward-looking statements. These risks, as well as others, are
disclosed within the Company's filing on SEDAR, which investors are
encouraged to review prior to any transaction involving the
securities of the Company. Forward-looking information contained
herein is provided as of the date of this news release and the
Company disclaims any obligation, other than as required by law, to
update any forward-looking information for any reason. There can be
no assurance that forward-looking information will prove to be
accurate, and the reader is cautioned not to place undue reliance
on such forward-looking information.
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