Graphite One (GPH.V) secured a site for its Active Anode Materials (AAM) facility in Ohio through a license of occupation agreement with Bessemer and Lake Erie Railroad Company, a unit of Canadian National Railway (CNR.TO, CNI), it said on Tuesday.
The site provides direct access to Lake Erie and the Great Lakes shipping corridor, multi-line rail connectivity through Canadian National Railway, existing power infrastructure, including an on-site substation and the capacity for future expansion and scaling. The agreement allows the company to complete due diligence activities on the site and, subject to Graphite One's satisfactory review, proceed with formalizing a lease agreement, it said.
Graphite One has decided to cancel the current lease on the Warren property to focus its efforts on the Conneaut location. The company is also advancing development plans for an Ohio finishing and blending facility.
The company has entered into discussions regarding potential binding offtake agreements with select participants involved in the sample evaluation process as well.
Shares of Graphite One were last seen up 1.8% at $1.15 on the TSX Venture Exchange.
Price: $1.16, Change: $+0.03, Percent Change: +2.65%