Graphite One Successfully Completes $1.3 Million Financing

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 23, 2016) – Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) is pleased to announce that it has completed its non-brokered private placement offering (the “Offering”). The Offering was originally announced in the July 15, 2016 press release with a goal of raising CA$1.0 million, was oversubscribed, raising gross proceeds of CA$1.3 million.
The net proceeds of the Offering will be used for exploration and development of the Company’s Graphite Creek Project, for final preparation of the Graphite Creek Preliminary Economic Assessment (PEA) projected for completion at the end of Q3 2016, and for general working capital purposes.
The Company has issued 16,250,000 Units (the “Units”) at a price of CA$0.08 per Unit for a total of CA$1.3 million. Each Unit consists of one common share (a “Common Share”) and one transferable common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one full Common Share at a purchase price of CA$0.12 per Common Share and will expire on the earlier of: (a) two years from the date of issuance; and (b) in the event the Common Shares trade at a volume of CA$0.21 or more on the TSXV Venture Exchange or the Toronto Stock Exchange for 10 consecutive trading days, the Company may, at its option, issue a press release and a notice to the Warrantholder for the expiry of the Warrants on the date that is 45 days from the press release and notice and the Warrantholder may exercise the Warrants during this 45 day period (but no later than two years from the date of issuance).
Connect with Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) to receive an Investor Presentation.