12:17 PM EDT, 10/18/2024 (MT Newswires) -- Graphite One ( GPHOF ) said on Friday it received a non-binding letter of interest from the Export-Import Bank of the United States (EXIM) for potential debt financing of up to $325 million.

According to Graphite One ( GPHOF ), the loan would mature in 15 years under EXIM's Make More in America initiative.

"Today's announcement confirms Graphite One's ( GPHOF ) focus on developing a 100% U.S.-based advanced graphite materials supply chain," said Anthony Huston, Graphite One's ( GPHOF ) chief executive. "EXIM's potential financing, following on [the company's] two Department of Defense grants under the Defense Production Act and from the Defense Logistics Agency, underscores the urgent need to bring U.S. graphite supply into production, and end the nation's 100% foreign dependency."

Graphite One ( GPHOF ) said it plans to make a production decision on the Graphite One ( GPHOF ) project in Ohio after completion of its feasibility study, which is expected in the first quarter of 2025.

Graphite One ( GPHOF ) shares were last seen up $0.07 to $0.90 on the TSX Venture Exchange.

Price: 0.90, Change: +0.07, Percent Change: +8.43