Mining News: News Nuggets: Graphite One raises funds; PEA due out by years-end

Graphite One Resources Inc. Nov. 9 announced the completion of a C$812,000 non-brokered private placement offering that involved the issuance of 10.15 million units at C8 cents per unit. Each unit consists of one common share and one transferable warrant that entitle the holder to purchase one full share for C12 cents. The shares are exercisable for two years but are subject to early expiry if the company’s shares trade for C21 cents or more for 10 consecutive days on the TSXV Venture Exchange.

The net proceeds of the offering will be used for exploration and development of the company’s Graphite Creek project in Northwest Alaska; finalizing a preliminary economic assessment for the project, slated for completion by years-end; and for general working capital purposes.

-Shane Lasley