Granite Oil Corp. (TSX:GXO) announced a non-brokered private placement of 3,000,000 common shares at CAD 0.52 per share for gross proceeds of CAD 1,560,000 on December 21, 2018. The transaction includes participation from Michael Kabanuk, President, Chief Executive Officer and Director of the company, and Brendan Carrigy, Independent Chairman and Director of the company, for 480,000 shares each, Kathy Turgeon, Director of the company, for 40,000 shares, and existing investor, GMT Capital Corp. and associated affiliates, for an aggregate of 2,000,000 shares. An additional closing of the transaction may be completed for combined total proceeds of up to CAD 2,000,000. The completion of the transaction is subject to receiving all necessary regulatory approvals, including final approval of the offering from the Toronto Stock Exchange.