LÉVIS, QUÉBEC--(Marketwired - Aug. 23, 2017) -

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Graniz Mondal Inc. (TSX VENTURE:GRA.H) ("Graniz" or the "Corporation") is pleased to announce that shareholders have approved the resolutions put forward at the Corporation's annual and special meeting of shareholders (the "Graniz Meeting") held on Friday, August 11, 2017, in Lévis, Québec.

Results of the 2017 Annual and Special Meeting of Shareholders

At the Graniz Meeting, a majority of the shareholders of the Corporation voted in favour of the resolutions set out in the Corporation's management information circular dated July 10, 2017, being (i) the election of Berthe A. Lambert, Gilles Roy and Chantal Guillemette as directors of the Corporation; (ii) the appointment of PricewaterhouseCoopers LLP as auditors of the Corporation; (iii) the share consolidation of the common shares of the Corporation; (iv) the name change of the Corporation to "NanoXplore Inc."; (v) the reapproval of the Corporation's rolling stock option plan; (vi) the amendment to the stock option plan of the Corporation; (vii) the issuance of new options including the reissuance of previously granted stock options; (viii) the conversion of debt into common shares of the Corporation; and (ix) the termination of an option agreement relating to the Mousseau West property.

As a result of the disinterested shareholders' approval, the Corporation's stock option plan (the "Stock Option Plan") was amended in order to extend the expiry term of options in the event that an option holder ceases to be a director or officer of the Corporation, from a period of 90 days to a period of 12 months following the date of the termination of such mandate. All other provisions of the Stock Option Plan remain the same.

Update on Proposed Transaction

Graniz is also pleased to announce that shareholders of Group NanoXplore Inc. ("NanoXplore") approved the amalgamation agreement (the "Amalgamation Agreement") to be entered into in connection with the proposed reverse takeover of Graniz (the "Proposed Transaction") at a meeting of the shareholders of NanoXplore held on August 10, 2017 (the "NanoXplore Meeting").

Following the NanoXplore Meeting and the Graniz Meeting, Graniz, NanoXplore and 9363-0770 Québec inc. entered into the Amalgamation Agreement as of August 11, 2017. This is an important step towards the completion of the Proposed Transaction which was previously announced by the Corporation on June 8, 2017.

The TSX Venture Exchange (the "Exchange") has conditionally approved the Proposed Transaction on August 18, 2017 and has accepted for filing the filing statement prepared in connection thereof on August 22, 2017. The filing statement was filed on SEDAR on August 22, 2017.

Conditions to the completion of the Proposed Transaction include obtaining the final approval of the Exchange.

Closing of the Proposed Transaction is expected to take place on or prior to August 31, 2017.

About Graniz Mondal Inc.

Graniz Mondal Inc. holds interests in one mineral property located in Northern Québec.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Graniz Mondal should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.