Applied Graphite Technologies Corp. ("AGT") (TSXV: AGT) (OTCQB: AGRTF), has closed a non-brokered private placement with a strategic investor and has issued 2,000,000 common shares at a price of $0.15 per share for gross proceeds of $300,000 (the "Offering"). The closing of the Offering is subject to final acceptance of the TSX Venture Exchange. The common shares issued will be subject to a hold period of four months and one day expiring September 25, 2024 in accordance with applicable securities laws. The net proceeds of the Offering will be used for exploration of the Queens Mine Complex graphite project and general working capital.

"I am pleased with the increased awareness of graphite as a supply critical material for lithium-ion batteries, and in particular, the interest in AGT's natural, high-grade, vein graphite properties in Sri Lanka" said Don Baxter, CEO.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.