Non-brokered deal offers units of one share and a three-year warrant
By Devika Patel
Knoxville, Tenn., Nov. 2 – Graphite One Resources Inc. said it completed a C$634,161 second tranche of a C$1.99 million non-brokered private placement of units. The deal priced on Aug. 20 and was increased to C$1 million from C$500,000 on Sept. 14. The sale was again increased on Sept. 18 to C$1.5 million from C$1 million and raised C$1.36 million on Oct. 1.
The company sold 28,477,091 units of one common share and a warrant at C$0.07 per unit. It sold 19,417,642 units in the first tranche and 9,059,449 units in the second.
Each three-year warrant is exercisable at C$0.10, a 25% premium to the Aug. 19 closing share price of C$0.08.
Proceeds will be used for exploration and development of the company’s Graphite Creek project and for general working capital purposes.
The graphite explorer is based in Vancouver, B.C.
| Issuer: | Graphite One Resources Corp.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1,993,396
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| Units: | 28,477,091
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| Price: | C$0.07
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.10
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| Agent: | Non-brokered
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| Pricing date: | Aug. 20
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| Upsized: | Sept. 14, Sept. 18
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| Settlement date: | Oct. 1 (for C$1,359,235), Nov. 2 (for C$634,161)
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| Stock symbol: | TSX Venture: GPH
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| Stock price: | C$0.08 at close Aug. 19
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| Market capitalization: | C$15.09 million
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