Graphite One (TSX-V:GPH) has closed its private placement, raising C$13.31 million ($14.83 million) to conduct environmental studies and permitting related activities at its Graphite Creek Project in Alaska, US.
The company will issue 14.78 million units at a price of C$0.90 per unit, which comprises one share and one purchase warrant.
Warrant holders are entitled to purchase one additional share at C$1.10 per share for a period of two years.
BMO Capital Markets and Raymond James acted as agents to conduct this offering, earning an aggregate C$728,526. The company also paid C$266,122 to Canaccord Genuity for corporate advisory services.
In addition to exploration focus at Graphite Creek, Graphite One will also use the funds to offer a milestone payment to Hunan Chenyu Fuji New Energy Technology, contracted under a technology license agreement and consulting agreement to bring anode active materials to the US domestic supply chain.
Concurrently with the close of this placement, Graphite One is opening long-term incentive awards for its employees, officers, directors, and consultants.
The company has 410,000 stock options available for eligible related persons, listed under an exercise price of C$0.81 per share, which is the last closing price on 22 August.
Options will vest on the first anniversary from granting by one third, before vesting another third on 14 April 2027, and the remaining on the same date a year later, expiring 14 April 2030.
Graphite One will also offer 3.02 million restricted share units (RSU) and 2.44 million performance share units (PSU), which will convert into one share on each vest date.
Management will be granted 2.44 million RSUs, following the same vesting schedule as the options.
The remaining 583,014 RSUs will be granted to directors, with one-half vesting on the first anniversary from issue, and the remaining to vest on 31 September 2026.
Subject to corporate performance criteria achievements, PSUs are expected to vest on 13 April 2028.
Graphite One is focused on advancing the graphite supply chain within the US through its Graphite Creek deposit.
Write to Maddison Elliott at Mining.com.au
Images: Graphite One
