Business
Graphite One Announces $2 Million Financing
VANCOUVER, British Columbia, April 04, 2019 (GLOBE NEWSWIRE) -- Graphite One Inc. (GPH: TSX-V; GPHOF: OTCQB) (“Graphite One” or the “Corporation”) announces tha
About this update from Graphite One Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, April 04, 2019 (GLOBE NEWSWIRE) -- Graphite One Inc. (GPH: TSX-V; GPHOF: OTCQB) (“Graphite One” or the “Corporation”) announces that it intends to complete a non-brokered private placement offering (the “Offering”) to raise gross proceeds of up to CA$2,000,000. The Corporation plans to issue up to 6.67 million units (the “Units”) at a price of CA$0.30 per Unit. Each Unit consists of one 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. The Company may pay finders' fees to arm’s-length parties in connection with the Offering. 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. Closing is expected to occur on or around the end of April 2019, 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 following the date of issuance. It is anticipated that Taiga Mining Company, Inc. (“Taiga”) will participate in the Private Placement and that the issuance of Units to Taiga pursuant to the Private Placement (“Insider Participation”) will be considered to be a related party transaction within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of the Insider Participation. This media 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 Graphit...