Graphite One Resources Inc. (TSXV:GPH,OTCQX:GPHOF) intends to complete a non-brokered private placement of up to 27,500,000 units, at a price of $0.08 per unit, to raise total gross proceeds of up to $2.2 million.
As quoted in the press release:
Each Unit will consist of one common share and one non-transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Company at a purchase price of $0.125 per share for a period of 36 months from the date of closing (the “Closing Date”) subject to acceleration as described below.
In the event that, following the restricted period that expires four months from the date of issuance, the average volume weighted average price of the common shares of the Company is greater than $0.225 per share for any period of 21 consecutive trading days during the term of the Warrant, the Company may at its sole option, provide notice of such event to the holders of any outstanding Warrants and thereafter the outstanding Warrants will expire and cease to be exercisable on the date which is 45 calendar days after the notice is deemed delivered to the holders of the Warrants by the Company.