Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) arranged a non-brokered private placement for gross proceeds of up to C$602,000. The private placement is intended to sell up to 4,300,000 units at a price of C$0.14 per Unit.
As quoted in the press release:
Each Unit shall consist of one common share of the Company and one common share purchase warrant (“Warrant”). Each Warrant shall be exercisable into one common share of the Company for a period of five years from closing at an exercise price of C$0.20 per share in the first two years and C$0.30 per share for the remainder of the period.
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