Graphite One Announces Financing

VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 15, 2016) – Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) (“Graphite One” or the “Corporation”) announces that it intends to complete a non-brokered private placement offering (the “Offering”) to raise gross proceeds of up to CA$1,000,000.
The Corporation plans to issue up to 12.5 million units (the “Units”) at a price of CA$0.08 per Unit. Each Unit consists of one common share and one transferable common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one full Common Share at a purchase price of CA$0.12 per Common Share and will expire on the earlier of: (a) two years from the date of issuance; and (b) in the event the Common Shares trade at a volume of C$0.21 or more on the TSXV Venture Exchange or the Toronto Stock Exchange for 10 consecutive trading days, the Corporation may, at its option, issue a press release and a notice to the Warrantholder for the expiry of the Warrants on that date that is 45 days from the press release and notice and the Warrantholder may exercise the Warrants during this 45 day period (but no later than two years from the date of issuance);
The Company may pay finders’ fees to arm’s-length parties in connection with the Offering.
The net proceeds of this Offering will be used for exploration and development of the Company’s Graphite Creek Project and for general working capital purposes.
Closing is expected to occur on or around the end of July 2016, subject to receipt of final applicable regulatory approvals including approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a restricted period that expires four months following the date of issuance.
This media release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Connect with Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) to receive an Investor Presentation.