Gratomic Provides Further Update on its Acquisition of the Remaining 37% Interest in Aukam Property

Rhea-AI Summary

Gratomic Inc. (OTCQX: CBULF) updates on its acquisition of Next Graphite Inc.'s 37% stake in Gazania 242 Pty Ltd, which holds the Aukam property licenses. The acquisition is delayed due to ongoing global pandemic impacts affecting legal and tax issues in Canada, the US, and Namibia. Completion will occur once all preconditions are met, including TSX Venture Exchange approval. Gratomic aims to fully operationalize its Aukam Graphite Project in 2021 and transition to solar by 2022, enhancing its competitive edge in the electric vehicle market.

Positive

• Acquisition will provide 100% ownership of Aukam Mining License and exploration License.
• The collaboration with Forge Nano is advancing graphite finalization for lithium-ion batteries.
• Plans for operational capabilities in 2021 and full solar transition by 2022.

Negative

• Acquisition closing is delayed due to legal and tax issues related to the pandemic.
• Uncertainty regarding the fulfillment of conditions precedent for the acquisition.

TORONTO, ON / ACCESSWIRE / April 22, 2021 / Gratomic Inc. ("GRAT" or the "Company") (TSXV:GRAT)(OTCQX:CBULF)(FRANKFURT:CB82)(WKN:A143MR) is pleased to provide an update to its press releases of November 19, 2020, February 17, 2021 and March 19, 2021, in which it disclosed that it had entered into a definitive agreement, as amended, (the "Agreement") with Next Graphite, Inc. ("NextG"), for the acquisition of NextG's 37% interest in Gazania 242 Pty Ltd. (the "Acquisition"), the Namibian company which holds the licenses on the Aukam property. The ongoing global pandemic has continued to affect the closing of the Acquisition as the Company deals with the tax and legal issues of the Acquisition in Canada, the US and Namibia. The Acquisition remains ongoing and will close once all of the pre-conditions to closing have been satisfied. 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). Arno Brand, President and CEO of the Company stated, "we remain committed to completing this transaction while we ensure that the interests of the Company and its shareholders are protected."

The Acquisition is subject to the fulfillment of certain conditions precedent as are customary for transactions of this size including the approval of the TSX Venture Exchange.

About Gratomic Inc.

Gratomic is focused on introducing an exceptional anode material to the global Electric Vehicle and Energy Storage supply chains. The Company aims to achieve full operational capabilities in 2021, with further plans to take its Aukam Graphite Project fully solar by 2022.  Large quantities of its naturally high-quality graphite have been shipped for testing to confirm its viability as an anode material. Gratomic is confident that the results will provide a unique competitive advantage in its desired target markets.

The Company's recent collaboration agreement with Forge Nano has advanced the developments on its graphite finalization phase for the micronization, spheronization, and the patented ALD coating of its Aukam vein graphite for use in lithium-ion batteries. Forge Nano is a global leader in surface engineering and precision nano-coating technology, using Atomic Layer Deposition.

GRAT has two outstanding off-take purchase agreements with TODAQ and Phu Sumika with contract fulfillment slated to begin in 2021.  Gratomic plans to deliver mine-to-market traceability through its partnership with deeptech company TODAQ by providing documented tracking on all graphite generated at its flagship Aukam Graphite Project.

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.

View source version on accesswire.com:
https://www.accesswire.com/641802/Gratomic-Provides-Further-Update-on-its-Acquisition-of-the-Remaining-37-Interest-in-Aukam-Property

FAQ

What is the status of Gratomic's acquisition of Next Graphite?

Gratomic is awaiting the fulfillment of legal and tax conditions before closing the acquisition of Next Graphite's 37% stake.

How will the acquisition impact Gratomic's share in the Aukam property?

Upon completion, Gratomic will hold 100% of the rights and interests in the Aukam Mining License and exploration License.

What are Gratomic's plans following the acquisition?

Gratomic plans to achieve full operational capabilities in 2021 and transition the Aukam Graphite Project to solar power by 2022.

What partnerships does Gratomic have related to its graphite project?

Gratomic is collaborating with Forge Nano for graphite development and has off-take agreements with TODAQ and Phu Sumika.