Graphite One Inc. (TSX-V: GPH) (OTCQX: GPHOF) is pleased to announce that it has closed a non-brokered private placement with Bering Straits Native Corporation for gross proceeds of $2,718,609 through the issuance of 2,802,690 units at a price of $0.97 per unit.  Each unit consists of one common share and one common share purchase warrant, with each Warrant entitling the holder to acquire, on payment of $1.21 to the Company, one common share of the Company for a period of twelve (12) months from the closing date of the Private Placement.

No finder’s fee was paid on this Private Placement and all securities issued in connection with the Private Placement will be subject to a four month + one (1) day hold period ending January 14, 2024.

The Company has also granted Bering Straits an option to invest a further US$6.0 million in common shares of the Company at any time before September 13, 2024 (the “Option”).  If and when the Option and the Warrants are exercised, Bering Straits would have invested a total of US$10.4 million in Graphite One, based on the current exchange rate.

The Company intends to use the net proceeds to support the feasibility study, community investment, and general corporate purposes.  Completion of the Private Placement financing is subject to receipt of final applicable regulatory approvals including final approval of the TSX Venture Exchange.

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.

Graphite One’s Supply Chain Strategy

With the United States currently 100 per cent import dependent for natural graphite, Graphite One is planning to develop a complete U.S.-based, advanced graphite supply chain solution anchored by the Graphite Creek resource. The Graphite One Project plan includes an advanced graphite material and battery anode manufacturing plant expected to be sited in Washington State integrated with the development of the Graphite Creek Property. The plan includes a recycling facility to reclaim graphite and the other battery materials, to be co-located at the Washington State site, the third link in Graphite One’s circular economy strategy.

About Graphite One Inc.

GRAPHITE ONE INC. continues to develop its Graphite One Project  to become 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 anode materials primarily for the lithium‐ion electric vehicle battery market.  As set forth in the Company’s 2022 Pre-Feasibility Study, graphite mineralization mined from the Company’s Graphite Creek Property, situated on the Seward Peninsula about sixty (60) kilometers north of Nome, Alaska, would be processed into concentrate at an adjacent processing plant.  Natural and artificial 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 State.  The Company intends to make a production decision on the Project upon the completion of a Feasibility Study.