Mining News: News Nuggets: Graphite One closes C$1.36 million financing

Graphite One Resources Inc. Oct. 1 reported the completion of a C$1.36 million non-brokered private placement financing that involved the issuance of 19.42 million units at C7 cents per unit. Each unit consists of one common share and one transferable warrant that allows the holder to purchase one Graphite One share for C10 over a period of three years from the date of the closing of the financing. Graphite One paid C$85,710 in finder’s fees and issued 1.22 million transferrable finder’s warrants with the same terms as the unit warrants. The net proceeds of this offering will be used to advance the Graphite Creek project in western Alaska and for general working capital purposes. Graphite One said it intends to close on an additional financing to raise another roughly C$600,000 in the coming weeks.

- Shane Lasley