Graphite One Resources Inc. Aug. 23 has raised C$1.3 million that involved the issuance of 16.25 million units at C8 cents per unit. Each unit includes one share and one transferable warrant that entitles the holder to purchase a share for C12 cents for two years.

In the event that Graphite One shares trade at or above C21 cents on the TSXV Venture Exchange or the Toronto Stock Exchange for 10 consecutive days, the company has the option to provide notice for the expiry of the warrants in 45 days.

The net proceeds of this private placement will be used for exploration and development of the company's Graphite Creek project in western Alaska; for final preparation of a preliminary economic assessment for Graphite Creek which is scheduled for completion at the end of the third quarter; and for general working capital.

-SHANE LASLEY