Graphite One Announces Increase in Second Tranche of Financing

Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) announced that it is increasing the financing previously announced on December 2, 2015. The non-brokered private placement offering will increase from $600,000 up to $720,000 in gross proceeds to be raised.
As quoted in press release:

 The Company has already closed a first tranche of the Offering in which a total of $434,090 was raised and 4,823,222 units (the “Units”) were issued, on January 19, 2016. The Unit price of the Offering and all other terms of the Offering remain the same.
The Company plans to issue up to a total of 8.0 million Units (including the 4,823,222 units previously issued in the first tranche) at a price of C$0.09 per Unit with each Unit consisting of one common share and one transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at a purchase price of $0.12 per share on or before the date occurring 3 years from the closing date of 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.
Connect with Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) to receive an Investor Presentation.