Mining News: News Nuggets: Alaska graphite explorer boosts treasury

Graphite One Resources Inc. Nov. 2 reported the completion of a C$634,161 private placement. Together with a financing that closed in September, the company has raised total gross proceeds of C$1.99 million. In the most recent financing, Graphite One issued 9,059,449 units at C7 cents per unit. Each unit consists of one common share and one transferable purchase warrant that entitles the holder to purchase one additional common share at C10 cents for a period of three years. Graphite One paid C$20,384 in finder’s fees and issued 291,200 transferrable warrants with the same prices and conditions as the ones issued in the financing. The net proceeds of this offering will be used for exploration and development of the company’s Graphite Creek project in western Alaska and for general working capital purposes.

- Shane Lasley