Business
Graphite One Announces Closing on $790,360 Placement of Units
(via Thenewswire.ca) Sept. 5, 2013 - Calgary, Alberta - Graphite One Resources Inc. (GPH: ...
About this update from Graphite One Inc.
[{"type":"text","content":"Graphite One Announces Closing on $790,360 Placement of Units(via Thenewswire.ca)\n\n \nSept. 5, 2013 - Calgary, Alberta - Graphite One Resources Inc. (GPH: TSX-V; GPHOF: OTCQX) (\"Graphite One\" or the \"Company\") is pleased to announce that it has closed the first tranche of its $2.2 million non-brokered private placement as previously announced on August 27, 2013. 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.\n\n\n \nIn the event that, following the restricted period that expires January 5, 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 portions of the first tranche in the aggregate amount of $47,229 and issue 590,360 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 of the remainder of this private placement is anticipated to occur before September 15, 2013 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. \n\n\...