Graphite One Inc. (TSX-V: GPH) (OTCQX: GPHOF) is pleased to announce that it has closed the first tranche of the previously announced non-brokered private placement dated August 8, 2022 raising gross proceeds of $10,076,382 through the issuance of 8,762,071 units at a price of $1.15 per unit.  Each unit consists of one common share and one common share purchase warrant (a “Warrant”), with each Warrant entitling the holder to acquire, on payment of $1.50 to the Company, one common share of the Company for a period of 24 months from the closing date of the Tranche One Financing, which is subject to an acceleration provision.

The Company paid cash finders’ fees of $316,758 and issued 316,758 compensation warrants on the Tranche One Financing.  Each Compensation Warrant entitles the holder to purchase one common share of the Company for a period of 24 months from the closing date of the Tranche One Financing at an exercise price of C$1.50.

The Company intends to use the net proceeds from the Tranche One Financing to support the upcoming feasibility study, including the completion of the summer drilling program, for business development activities and general working capital.  Completion of the Tranche One Financing is subject to receipt of final applicable regulatory approvals including final approval of the TSX Venture Exchange. All securities issued in connection with the Tranche One Financing will be subject to a four month hold period ending December 30, 2022.

This media release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Graphite One Inc.

GRAPHITE ONE INC. continues to develop its Graphite One Project with the goal of becoming an American producer of high grade anode materials that is integrated with a domestic graphite resource. The Project is proposed as a vertically integrated enterprise to mine, process and manufacture high grade anode materials primarily for the lithium–ion electric vehicle battery market.  As set forth in the Company’s 2022 Pre-Feasibility Study, 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.  Graphite anode materials and other value–added graphite products would be manufactured from the concentrate and other materials at the Company’s proposed advanced graphite materials manufacturing facility expected to be located in Washington.  The Company intends to make a production decision on the Project upon the completion of a Feasibility Study.