Business
Graphite One Closes First Tranche of Private Placement
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES VANCOUVER, British Columbia, April 22, 2019 (GLOBE NEWSWIRE) -- Graphit
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, April 22, 2019 (GLOBE NEWSWIRE) -- Graphite One Inc. (GPH: TSX-V; GPHOF: OTCQB) (“Graphite One” or the “Company”) is pleased to announce that it has completed the first tranche of a non-brokered private placement offering (the “Offering”), raising gross proceeds of CA$1,869,560. 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 6,231,867 Units (the “Units”) at a price of CA$0.30 per Unit for a total of CA$1,869,560. 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. Taiga Mining Company, Inc. (“Taiga”) is the sole participant in the first tranche of this Offering and has acquired all 6,231,867 Units. The issuance of Units to Taiga pursuant to the Offering (“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. Prior to the Offering, Taiga had beneficial ownership and control of 7,599,553 Common Shares of the Company, representing approximately 22.4% of the Company’s issued and outstanding Common Shares as of such date. Following the completion of the Offering, Taiga now has beneficial ownership and control of an aggregate of 13,831,420 Common Shares, or approximately 34.4% of the Company’s issued and outstanding Common Shares as of the date of this press release, representing an increase of approximately 12.0%. In addition, Taiga and its joint actors hold 12,501,420 common share purchase warrants, and which, if exercised, would result in Taiga having beneficial ownership and control over an aggregate of 26,432,840 Common Shares Common Shares of the Company on a partially diluted basis ...