TORONTO, ON / ACCESSWIRE / February 17, 2021 / Gratomic Inc. ("GRAT" or the "Company") (TSXV:GRAT) (OTCQB:CBULF) (FRANKFURT:CB82) (WKN:A143MR) is pleased to provide an update to its press release of November 19, 2020, in which it disclosed that it had entered into a definitive agreement (the "Agreement") with Next Graphite, Inc. ("NextG"), for the acquisition of NextG's 37% interest (the "Interest") in Gazania 242 Pty Ltd. (the "Acquisition"), the Namibian company which holds the licenses on the Aukam property. The Agreement has been amended, pursuant to an amendment agreement dated January 25, 2021, to increase the consideration to be paid to NextG by an additional 4,500,000 common shares in the capital of Gratomic (the "Shares") and a cash payment on closing of CDN$100,000. The Shares will be subject to an 18-month escrow subject to a release of 1/3 of the original balance every 6 months. A total of 25,758,915 common shares of the Company are issuable pursuant to the Agreement, as amended. All other material terms remain of the Agreement remain unchanged. Upon completion of the Acquisition, Gratomic will hold 100% of the rights and interests in the Aukam Mining License (ML215) and exploration License (EPL 3895).
The Acquisition (including the issuance of the Shares) is subject to the fulfillment of certain conditions precedent as are customary for transactions of this size including the approval of the TSXV.
About Gratomic Inc.
Established in 2014, Gratomic is focused on the proposed production of low-cost mine to market carbon-neutral, eco-friendly, high purity vein graphite to be provided to the EV and Energy Storage supply chains. Gratomic is anticipating full operational capabilities in 2021.
Gratomic is in the process of solidifying its plans for micronization and spheronization of its clean Aukam graphite. This significant milestone is a small, additional step in the Company's proposed eco-friendly processing cycle and is intended to allow it to meet ideal North American battery grade standards for use in Li-ion battery anodes.
The Company plans to deliver mine-to-market traceability and guaranteed quality control. This will be accomplished by providing documented tracking on all graphite generated at its flagship Aukam Graphite Project. The tracking will begin at Aukam and will be verified at every stage during transport.
Two off-take purchase agreements are currently held for lump-vein graphite sourced from Gratomic's Aukam Graphite Project in Namibia, Africa. Fulfillment of the contracts is anticipated to begin in Q1 of 2021. The agreements exist with TODAQ and Phu Sumika.
TODAQ is an innovative deeptech company that can containerize assets, transactions & markets, and will partner with Gratomic on its mine-to-market commodity tracking and trading. Containerized assets are verifiably unique, keep an immutable record of who has owned them, have embedded smart logic, can be transferred P2P, and are interoperable with any system. Asset owners enjoy stronger ownership control, value retention when trading, and ability to prove authenticity in seconds.
Phu Sumika is a large global graphite supplier to battery and lubrication companies.
Gratomic Inc. is listed on the TSX Venture Exchange under the symbol GRAT, on the OTCQB under the symbol CBULF and on the Frankfurt Exchange under the symbol CB82.
For more information: visit the website at www.gratomic.ca or contact:
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"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."
Forward Looking Statements:
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com