Graphite One Resources Increases Financing to $5 Million

 Graphite One Resources Inc. (TSXV:GPH) has increased the second tranche of its previously announced financing in response to increased interest. The financing has been oversubscribed by $1 million.

As quoted in 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.

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