Business
Graphite One Announces Closing Of Final Tranche Of $2.2 Million Financing And Issues Stock Options
(via Thenewswire.ca) Sept. 18, 2013 - Calgary, Alberta - Graphite One Resources Inc. (GPH:...
About this update from Graphite One Inc.
[{"type":"text","content":"Graphite One Announces Closing Of Final Tranche Of $2.2 Million Financing And Issues Stock Options(via Thenewswire.ca)\n\n \nSept. 18, 2013 - Calgary, Alberta - Graphite One Resources Inc. (GPH: TSX-V; GPHOF: OTCQX) (\"Graphite One\" or the \"Company\") is pleased to announce that further to its press releases dated August 27, 2013 and September 5, 2013, the Company has closed the second and final tranche of its $2.2 million non-brokered private placement. Pursuant to this closing, the Company has issued a total of 17,620,500 units (the \"Units\") at a price of C$0.08 per Unit for gross proceeds of $1,409,640. 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.\n\n\n \nIn the event that, following the restricted period that expires January 18, 2014, the average volume weighted average price of the common shares of the Company is greater than $0.225 per share for any period of 21 consecutive trading days during the term of the Warrant, the Company may at its sole option, provide notice of such event to the holders of any outstanding Warrants and thereafter the outstanding Warrants will expire and cease to be exercisable on the date which is 45 calendar days after the notice is deemed delivered to the holders of the Warrants by the Company.\n\n\n \nThe Company has paid finders' fees on the second tranche in the aggregate amount of $112,771.20 and issued 1,409,640 non-transferrable share purchase warrants, each such warrant entitling the holder to acquire one additional common share of the Company at a price of $0.10 for a period of eighteen months following the date of issuance.\n\n\n \nThe 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.\n\n\n \nClosing is subject to receipt of final 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. \n\n\n...