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Graphite One issues shares to preserve cash

 

Last updated 11/15/2015 at Noon



Graphite One Resources Inc. Nov. 12 said that in order to preserve cash to fund development of its Graphite Creek project in western Alaska, it has entered into agreements to issue shares to settle outstanding debt of C$66,000 with certain arm's length creditors.

To settle the debt, Graphite One intends to issue 733,334 common shares of Graphite One at C9 cents per share.

The transaction is subject to TSX Venture Exchange approval.

"We are pleased to settle this debt with shares to help the company preserve cash resources for operations and proceed with technical evaluation of Graphite Creek graphite," explained Graphite One President and CEO Anthony Huston.

Graphite raised C$1.99 million in two financings that closed in September and November.

 

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