Graphite One (TSXV: GPH) this morning announced that it will be conducting a private placement. Lead by Canaccord Genuity, the brokered private placement will see the graphite-focused firm look to raise $12.0 million.
Under the terms of the private place, a total of 12.0 million units of the company are to be sold at $1.00 per unit. Each unit is to contain one common share and one common share purchase warrant, with each warrant valid for a period of 12 months from the date of issuance and containing an exercise price of $1.50 per share.
An over allotment option has also been granted, enabling the sale of up to an additional 1.8 million units.
Proceeds from the offering are to be used for the exploration and development of the Graphite Creek Property, as well as general working capital and corporate purposes.
The financing is slated to see the first closing occur on July 29, 2021.
Graphite One last traded at $1.06 on the TSX Venture.
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