Graphite One Resources Inc. (TSX-V:GPH) (OTCQX:GPHOF) Following the closing of a private placement with gross proceeds totaling $4.978 million the Company is pleased to announce, subject to TSX Venture Exchange approval, an additional non-brokered private placement to raise gross proceeds of up to $1.3 million by the issuance of 10,000,000 units of the Company at a price of $0.13 per Unit.
Each Unit will consist of one common share and one transferable common share purchase 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.
“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.” Stated Anthony Huston, President, CEO and Director for the Company.
Closing of the private placement is anticipated to occur by mid December, 2014 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. All securities issued in connection with the private placement will be subject to a restricted period that expires four months following the date of issuance. The Company may pay a finder’s fee in cash and/or securities in connection with certain subscriptions on terms to be negotiated by the Company.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Graphite Creek
The Graphite Creek Property comprises 129 claims totaling 6,799 hectares on the Seward Peninsula of Alaska, 65 kilometres north (40 miles) of a deep sea port at Nome.
Mineralization at the Graphite Creek Property is characterized by coarse crystalline (large flake) graphite (greater than 80 mesh) within graphite-bearing schist(s). Please refer to the January 20, 2014 press release where Graphite One reports a NI 43-101 inferred resource of 284.71 million tonnes at 4.5% graphite (including 37.68 million tonnes at 9.2% graphite and 8.63 million tonnes at 12.8% graphite).
About Graphite One
Graphite One Resources Inc. is exploring with the intent to develop the Graphite Creek Project, USA’s only advanced staged large-scale, large flake graphite deposit.
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