Graniz Mondal Provides Update on Proposed Transaction With Group NanoXplore

Graniz Mondal (TSX VENTURE:GRA.H) (“Graniz” or the “Corporation”) is pleased to announce that Group NanoXplore (“NanoXplore” or “GNI”) has completed on August 2, 2017 the previously announced brokered private placement financing (the “Offering”) of subscription receipts (the “Subscription Receipts”) sold at a price of $0.45 per Subscription Receipt for gross proceeds of $9,697,082.40, well above the initial proposed range of $3 million to $5 million.

Paradigm Capital (the “Agent”) acted as agent in connection with the Offering. The closing of the Offering is a step towards the completion of the proposed three-cornered amalgamation (the “Proposed Transaction”) which was previously announced by the Corporation on June 8, 2017.

The gross proceeds received from the Offering, less the Agent’s expenses in connection with the Offering and a portion of the Agent’s commission, has been deposited into escrow with TSX Trust Company and will be released to GNI upon notice to TSX Trust Company that the escrow release conditions discussed below (the “Release Conditions”) have been satisfied.

As consideration for the services of the Agent rendered in connection with the Offering, GNI has agreed to pay the Agent an aggregate cash fee equal to 7% of the gross proceeds of the Offering and to issue a number of broker warrants (the “Broker Warrants”) equal to 7% of the number of Subscription Receipts issued pursuant to the Offering, except in respect of sales to certain purchasers identified by GNI to a maximum aggregate subscription amount of $1 million (the “President’s List Subscribers”) for which GNI agreed to pay a cash fee equal to 3.5% of the gross proceeds in respect of Subscription Receipts subscribed for by President’s List Subscribers and to issue that number of Broker Warrants equal to 3.5% of the Subscription Receipts issued to President’s List Subscribers.

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