Graphite One Resources announced on Thursday it had raised C$1.36 million through a non-brokered private placement. The funds will be used for the exploration and development of the firm’s Graphite Creek project in Alaska.
The company said it had raised $1,359,234 by issuing 19,417,642 units at the price of $0.07 each. Each unit consisted of one common share and one transferable common share purchase warrant.
The purchase warrant allows holders to buy one additional common share at $0.10 per share.
Graphite One confirmed that no “change of control occurred” as a result of the offering. The closing of the placement is awaiting final regulatory approval from the TSV Venture Exchange.