Mining News: News Nuggets: Graphite One closes financing

Graphite One Resources Inc. March 3 reported closing a second tranche of a non-brokered private placement offering which, together with the first tranche closed in January, totaled C$704,091 in gross proceeds. Pursuant to the closing of the second tranche, Graphite One issued 3,000,008 units at C9 cents per unit for a total of C$270,001. Each unit consists of one common share and one transferable purchase warrant that entitles the holder to purchase one additional Graphite One share for C12 cents over a period of three years. The company may pay finders’ fees to arm’s-length parties in connection with the second tranche. As a result of the first tranche, broker fees total C$6,400 with 71,111 broker warrants being issued, with each warrant entitling the holder to acquire one Graphite One share for the same price and terms as the unit warrants. Graphite One said it will use the net proceeds for exploration and development of its Graphite Creek project in western Alaska and for general working capital purposes.

- Shane Lasley