Gratomic Announces Disposal of Non-Core Assets and Pending VAT Refund for total of NAD 6.35 million (CDN$498,431)

Rhea-AI Summary

Gratomic has disposed of non-core assets in Namibia, generating total proceeds of NAD 3.20 million (approximately CDN$251,178). The company also expects to receive a VAT refund of NAD 3.15 million (around CDN$247,253) from the Namibian government within two weeks. Gratomic is focused on becoming a leading global graphite supplier, particularly within the EV battery supply chain. The company has formed a collaboration with Forge Nano to enhance its graphite production processes.

Positive

• Generated proceeds of NAD 3.20 million from asset disposal.
• Pending VAT refund of NAD 3.15 million strengthens cash position.
• Collaboration with Forge Nano enhances production capabilities for EV batteries.

Negative

• None.

TORONO, ON / ACCESSWIRE / December 20, 2022 / Gratomic Inc. ("Gratomic", "GRAT" or the "Company") (TSX-V:GRAT)(OTCQX:CBULF)(Frankfurt:CB82) announces that it has disposed of non-core assets in Namibia for total proceeds of NAD 3.20 million (CDN$251,178).

On December 19, 2022, the Company received notice from the Namibian government that a Valued Added Tax (VAT) refund applicable to two VAT periods previously filed had been processed. The Company anticipates the refund of NAD 3.15 million (CDN$247,253) will be received within the next two weeks.

About Gratomic

Gratomic is a multinational company with projects in Namibia, Brazil, and Canada. The Company is focused on becoming a leading global graphite supplier and aims to secure a strong position in the EV (Electric Vehicle) battery supply chain. With the continued development of its flagship Aukam project and further exploration on the Company's Capim Grosso property, Gratomic sets itself apart by seeking out unique top-quality assets around the world. True to its roots, the Company will continue to explore graphite opportunities displaying potential for development. The Company ranked third place in the top 10 preforming mining stocks on the 2022 TSX Venture 50™.

Large quantities of high-quality vein graphite have been shipped for testing to confirm its viability as an anode material. Gratomic is confident that the test results will provide a unique competitive advantage in its desired target markets. The Company will continue to update the public on the status of these tests and will provide results as soon as they become available.

The Company has formed a collaboration agreement with Forge Nano. With its patented ALD (Atomic Layer Deposition) coating, this cooperation with Forge Nano is a key element to support Gratomic's strategies towards the value-added phases of production of graphite for anode applications, namely micronization, spheronization and coating, making Gratomic graphite a preferred choice for use in lithium-ion batteries.

For more information: visit the website at www.gratomic.ca or contact:

Arno Brand at abrand@gratomic.ca or (416) 561- 4095

Subscribe at gratomic.ca/contact/ to be added to our email list.

For Marketing and Media information, please email: info@gratomic.ca

"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).

SOURCE: Gratomic Inc.

View source version on accesswire.com:
https://www.accesswire.com/732611/GratomicAnnounces-Disposal-of-Non-Core-Assets-and-Pending-VAT-Refund-for-total-of-NAD-635-million-CDN498431

FAQ

What assets did Gratomic dispose of for NAD 3.20 million?

Gratomic disposed of non-core assets in Namibia for total proceeds of NAD 3.20 million.

When will Gratomic receive the VAT refund from Namibia?

Gratomic expects to receive the VAT refund of NAD 3.15 million within the next two weeks.

How is Gratomic positioned in the EV battery supply chain?

Gratomic aims to become a leading global graphite supplier, focusing on the EV battery supply chain.

What is the significance of Gratomic's collaboration with Forge Nano?

The collaboration with Forge Nano is aimed at enhancing value-added graphite production processes for lithium-ion batteries.

What was Gratomic's financial performance related to its asset disposal and VAT refund?

Gratomic's asset disposal generated NAD 3.20 million, and it anticipates a VAT refund of NAD 3.15 million.