North of 60 Mining News - The mining newspaper for Alaska and Canada's North

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.

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Shane Lasley, Publisher

Over his more than 16 years of covering mining and mineral exploration, Shane has become renowned for his ability to report on the sector in a way that is technically sound enough to inform industry insiders while being easy to understand by a wider audience.

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