Business
Graphite One Announces $2.2 Million Placement of Units
(via Thenewswire.ca) AUGUST 27, 2013 - Calgary, Alberta - Graphite One Resources Inc. (GPH...
About this update from Graphite One Inc.
[{"type":"text","content":"Graphite One Announces $2.2 Million Placement of Units(via Thenewswire.ca)\n\n \nAUGUST 27, 2013 - Calgary, Alberta - Graphite One Resources Inc. (GPH: TSX-V; GPHOF: OTCQX) (\"Graphite One\" or the \"Company\") is pleased to announce that, subject to TSX Venture Exchange approval, the Company intends to complete a non-brokered private placement to raise gross proceeds of up to $2.2 million by the issuance of 27,500,000 units (the \"Units\") of the Company at a price of $0.08 per Unit. Each Unit will consist of one common share and one non-transferable common share purchase warrant (a \"Warrant\"). Each Warrant will entitle 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 four months from the date of issuance, 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 proceeds 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 private placement is anticipated to occur on or 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. 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.\n\n\n \nThis 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, ...