Business
Graphite One Resources Successfully Completes $2.1 Million Financing
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES VANCOUVER, British Columbia, July 20, 2018 (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, July 20, 2018 (GLOBE NEWSWIRE) -- Graphite One Resources Inc. (TSX-V:GPH) (OTCQB:GPHOF) (“Graphite One” or the “Company”) is pleased to announce that it has completed a non-brokered private placement offering (the “Offering”), raising gross proceeds of CA$2,140,221. 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 30,574,591 Units (the “Units”) at a price of CA$0.07 per Unit for a total of CA$2,140,221. 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$0.12 per Common Share and will expire on the earlier of: (a) five years from the date of issuance; and (b) in the event the Common Shares trade at a volume of CA$0.21 or more on the TSXV Venture Exchange or the Toronto Stock Exchange for 10 consecutive trading days, the Company may, at its option, issue a press release and a notice to the Warrantholder for the expiry of the Warrants on the date that is 45 days from the press release and notice and the Warrantholder may exercise the Warrants during this 45 day period (but no later than five years from the date of issuance). In connection with the Offering, the Company paid finders' fees to arm’s-length parties. Broker fees totalled $2,800 with 40,000 transferable broker Warrants being issued, with each such broker Warrant entitling the holder to acquire one additional Common Share at the same price and under the same terms as the Warrants described above. Final closing of 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. This press 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 ...