Gratomic Becomes Debt-Free
Gratomic Inc. (OTCQB: CBULF) announced it has achieved debt-free status, a milestone reached through strategic management efforts over recent months. Following a $2.25 million financing completed in June 2020, all convertible debentures have been converted to common shares. The company's cash position is approximately $2.4 million, supporting its operations as the Aukam processing plant prepares for commissioning. Gratomic plans to fulfill two off-take agreements for graphite sourced from its Aukam Graphite Project in Q1 2021. The company aims for eco-friendly, high-purity graphite production.
- Achieved debt-free status, enhancing financial stability.
- Current cash position of approximately $2.4 million supports ongoing operations.
- Unique position as a leader in the graphite sector among junior companies.
- Plans to fulfill two off-take agreements for graphite in Q1 2021.
- None.
TORONTO, ON / ACCESSWIRE / February 22, 2021 / Gratomic Inc. ("GRAT" or the "Company") (TSXV:GRAT)(OTCQB:CBULF)(FRANKFURT:CB82) (WKN:A143MR) is pleased to announce that it has officially achieved debt-free status. This feat was accomplished through the committed and strategic efforts carried out by management over the past several months to effectively eliminate the debt of the Company.
On June 12, 2020, the Company announced the successful completion of a
The Company's current cash position is approximate
Gratomic has become a notable Brand in the graphite community. Very few junior graphite companies have been in such a fortunate position to achieve debt-free status at such an early point in their development. With the Company cash-positive and the Aukam processing plant poised to enter commissioning in only a few weeks, Gratomic sits at a comfortable position as a leader in the global junior resource sector; unlike competitors in the industry.
"Gratomic has come a long way in the past 11 months. Its world class team has worked hard to advance the Company and its key asset to deliver fundamental value to its shareholders. We are proud of our team's hard work and are grateful for the support of our valued shareholders. We look forward to a very interesting March and April" stated CEO & President, Arno Brand.
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:
Arno Brand at abrand@gratomic.ca or 416 561-4095
Subscribe at gratomic.ca/contact/ to be added to our email list.
"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.
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