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Graphite One (TSXV:GPH, OTCQX:GPHOF) announced that its second and final tranche of a non-brokered private placement is expected to total $4 million. That would be a $500,000 increase in what the company was originally looking for. The placement is expected to close on or around September 22.
According to the press release:
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. Graphite One is currently infill drilling Graphite Creek in 50m intervals, with the goal of converting a portion of the NI 43-101 compliant inferred resource to either the indicated and/or measured categories. Integration of this data will add significant value as the Company work towards a Preliminary Economic Assessment (PEA) over the upcoming months.
Click here to read the Graphite One Resources Inc. (TSXV:GPH,,OTCQX:GPHOF) press release
Click here to see the Graphite One Resources Inc. (TSXV:GPH,,OTCQX:GPHOF) profile.