Graphite One Resources is planning to complete a non-brokered private placement offering to raise gross proceeds of up to $500,000.
The company intends to issue up to 6.25 million units at a price of C$0.08 per unit. Each unit features one common share and one transferable common share purchase warrant.
Graphite One will use the net proceeds of the offering to explore and develop its Graphite Creek project in Alaska and for general working capital purposes.
It is anticipated to close on or around the end of this month, subject to final regulatory approvals.
The Graphite Creek property features 129 mineral claims totaling 6,799ha, on the Seward Peninsula of Alaska.
The deposit includes large-flake, high-grade graphite, and Graphite One controls all prospective lands with known graphite mineralization in the region.
The project is progressing from the exploration to the evaluation phase. Work so far has found a large, high grade and at-surface resource with simple geology and good mineralization continuity.
In January last year, Graphite One increased the existing inferred resource by 67% to 284.71 Mt of 4.5% graphite.