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Gratomic announced the completion of an additional 1,621.30 meters of drilling on its Capim Grosso graphite project, bringing the total to 4,784.10 meters out of a planned 5,000-meter campaign. This includes 34 diamond drillholes completed thus far. The project is located in Bahia, Brazil, where Gratomic holds a 100% interest. Recent assay results have shown intervals of significant graphite content, with several samples exceeding 4% total graphitic carbon (TGC). Internal quality control measures confirmed that assay results align with expected values. The company aims to generate a Maiden Mineral Resource Estimate in accordance with NI 43-101 and intends to combine this data with metallurgical testing for future feasibility studies.
Gratomic Inc. (OTCQX: CBULF) has announced an extension of its non-brokered private placement offering of up to 20 million working capital units, priced at $0.30 each, aiming for gross proceeds of $6 million. The company has raised over $3 million so far and expects to close the balance by May 11, 2023, or upon selling the remaining units. Each unit comprises one common share and one warrant, allowing the purchase of additional shares at $0.45 each. CEO Arno Brand emphasized the financing's importance for the completion of critical components in their processing plant. The company's insider participation is capped at 25%, exempting them from certain regulations. Gratomic continues to strengthen its position in the electric vehicle battery supply chain while maintaining a focus on high-quality graphite assets.
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