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Graphite One Resources (TSXV:GPH,OTCQX:GPHOF) says it will raise an additional $1.3 million following the closing of a previous $4.97 million placement. The proceeds will be used for exploration and development of the Graphite Creek project.
According to the press release:
Each Unit will consist 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 $0.20 per share during the first two years from the date of issuance and at a price of $0.25 per share during years three and four from the date of issuance.
The proceeds will be used for exploration and development of the Company’s Graphite Creek project including the development of the Company’s inaugural preliminary economic assessment as well as for general working capital purposes.
Anthony Huston, President, CEO and Director, said:
We are very pleased and encouraged by the interest we continue to see in Graphite One from the investment community. This financing will secure the funds necessary to complete a preliminary economic assessment and to continue to advance the technical evaluation of the project.
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.