Graphite One Resources Closes First Tranche of Private Placement

 Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) closed the first tranche of its previously announced $2.2 million non-brokered private placement. The Company issued a total of 9,879,500 units, for gross proceeds of $790,360, at a price of $0.08 per unit.

As quoted in the press release:

Pursuant to this closing, the Company has issued a total of 9,879,500 units (the “Units”) at a price of C$0.08 per Unit for gross proceeds of $790,360. Each Unit consists of one common share and one non-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 $0.125 per share for a period of 36 months from the date of closing (the “Closing Date”) subject to acceleration as described below.

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