Graphite One Arranges $600,000 Placement

Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) announced that it intends to complete a non-brokered private placement offering to raise gross proceeds of up to $600,000.
As quoted in the press release:

The Company plans to issue 6,666,667 units (the “Units”) at a price of $0.09 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 additional common share of the Company at a purchase price of $0.12 per share on or before the date occurring 3 years following the Closing Date.
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.

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