Business
Graphite One Announces Closing Second Tranche of Financing and Awarding of Options
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES VANCOUVER, British Columbia, May 16, 2019 (GLOBE NEWSWIRE) -- Graphite
About this update from Graphite One Inc.
[{"type":"text","content":" NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES VANCOUVER, British Columbia, May 16, 2019 (GLOBE NEWSWIRE) -- Graphite One Inc. (GPH: TSX-V; GPHOF: OTCQB) (“Graphite One” or the “Company”) announced today it has has completed the second tranche of a non-brokered private placement offering, raising gross proceeds from both tranches of the financing to CA$2 million, and also the awarding of options. CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT The Company has completed the second and final tranche of the private placement previously announced on April 1, 2019 and April 22, 2019 (the “Offering”), raising gross proceeds from both tranches of the financing to CA$2 million. The net proceeds of the Offering will be used for exploration and development of the Company’s Graphite Creek Project and for general working capital purposes. The Company has issued 435,033 Units (the “Units”) in this second tranche, at a price of CA$0.30 per Unit for a total of CA$130,510. 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$0.30 per Common Share and will expire one year from the date of issuance. A total of 5,336 Broker warrants and $1,600 was paid in finder’s fees. The net proceeds of the Offering will be used for exploration and development of the Company’s Graphite Creek Project and for general working capital purposes. The Offering is subject to receipt of final applicable regulatory approvals including approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a restricted period that expires four months and a day following the date of issuance. GRANT OF OPTIONS The Company also announces that the board of directors of the Company has approved an incentive stock option grant to directors, officers and consultants of the Company for the purchase of 1,800,000 shares of Graphite One in accordance with the Company’s shareholder approved stock option plan. The options are exercisable at a price of $0.30 per share, all vesting immediately and expiring on May 15, 2024. Upon the granting of the options described above, Graphite One will have 4,015,000 opti...