07:42 AM EST, 12/27/2024 (MT Newswires) -- Graphite One ( GPHOF ) said on Friday that it raised $4.8 million in a private placement.

The company plans to use the proceeds to complete a feasibility study and commence permitting of the Graphite Creek project in Alaska, as well as for general corporate purposes.

The offering comprised $3.1 million in proceeds from a listed issuer financing exemption financing and $1.7 million from a concurrent private placement.

The company issued a total of 6,374,200 units at $0.75 apiece.

Each unit consists of one share and one warrant exercisable at $1.00 per share for two years or 30 days from the date of announcement to accelerate the expiry date.