Graphite One (TSX-V:GPH) has closed a previously reported public offering, which totalled around 20 million units and raised C$35 million ($36.26 million).
Each unit consisted of one common share and a share purchase warrant at C$1.75 per unit. Each warrant entitles the holder to acquire a common share at C$2.25 per share for a 36 month period.
The funds will be used for active anode materials (AAM) plant related expenditures including the design and engineering, permitting and equipment purchases, and general working capital.
Active anode materials are materials in a battery’s anode that store and release lithium ions during charge and discharge. By manufacturing AAM from natural graphite derived from the Graphite Creek Mine and artificial graphite, the company intends to complete America’s graphite materials supply chain.
The Graphite Creek Mine is located in Alaska, US. The project remains open to the west, east and down dip. Only 12% of the geological anomaly has been explored.
Based in Toronto, Canada, Graphite One is focused on becoming a US producer of high-grade anode materials that is integrated with a domestic graphite resource.
Write to Aaliyah Rogan at Mining.com.au
Images: Graphite One
