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Graphite One to raise C$1.0M for Graphite Creek project

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Graphite One to raise C$1.0M for Graphite Creek project

Graphite One Resources Inc. said July 15 that it willraise C$1.0 million by issuing 12.5 million units at 8 cents apiece in anon-brokered private placement.

Each unit consists of 1 commonshare and 1 transferable common share purchase warrant. Each warrant entitlesthe holder to purchase 1 common share at 12 cents each, and expires two yearsafter the issuance.

Graphite One has the option toaccelerate the expiry date of the warrant by issuing a press release and noticeto the shareholder should the common shares trade at 21 cents each on the TSXfor 10 consecutive days. The warrant will then expire 45 days after theissuance of a press release.

Proceeds from the placement will beused for exploration and development purposes at the company's project inAlaska, and for general working capital purposes.

The offering will close around the end of July.