Graphite One (TSX-V:GPH) will extend the expiry date of nearly 2.8 million warrants issued to its strategic partner Bering Straits Native (BSNC) by 12 months, as the company continues to develop its Graphite Creek Project in Alaska.
The warrants were originally set to expire this month and were issued under a private placement, exercisable at C$1.21 ($1.31) per share.
The amendment is subject to approval by the TSX Venture Exchange.
BSNC is an Alaska-based explorer focused on the Bering Strait region, which includes the Seward Peninsula and surrounding coastal areas of Norton Sound, where the Graphite Creek Project is located.
Graphite One’s proposed vertically integrated development aims to mine and process natural graphite while manufacturing artificial and natural graphite anode materials for lithium-ion batteries used in electric vehicles and energy storage.
The project is considered one of the largest known sources of natural graphite in the US and is seen as a potential cornerstone of domestic supply chains for critical battery materials.
Graphite One has a market capitalisation of C$105 million with shares closing at C$0.72 on Tuesday.
Write to Dan Petrie at Mining.com.au
Images: Graphite One
