Focus Graphite Announces Second Closing of Private Placement for $438,832
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OTTAWA, ONTARIO--(Marketwired - March 29, 2017) -
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Focus Graphite Inc. (TSX VENTURE:FMS)(OTCQX:FCSMF)(FRANKFURT:FKC) ("Focus") is pleased to announce that it has held a second closing of its previously-announced non-brokered private placement at which it issued an aggregate of 5,851,103 units at a price of $0.075 per unit, for gross proceeds to Focus of $438,832. Each of the units consists of one common share in the capital of Focus Graphite and one common share purchase warrant. Each warrant entitles its holder to purchase one additional common share of Focus at an exercise price of $0.10 for a period of 48 months.
As a result of the second closing, Focus raised total proceeds of $1,375,847 in the private placement. Additional closings of the private placement may be held until May 8, 2017, subject to a maximum of 33,333,333 units, for total maximum gross proceeds of approximately $2.5 million.
The net proceeds from the sale of the units will be added to Focus' working capital.
In connection with the second closing of the private placement, Focus paid finder's fee in the aggregate amount of $33,106.62. In addition, Focus issued broker warrants entitling to acquire up to an aggregate of 441,422 additional common shares of Focus at a price of $0.10 per share until March 24, 2021.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued at the second closing of the private placement are subject to a four-month hold period, expiring on July 25, 2017.
About Focus Graphite
Focus Graphite Inc. is an advanced exploration and mining company with an objective of producing graphite concentrate at its wholly-owned Lac Knife flake graphite deposit located 27 km south of Fermont, Québec. In a second stage, to meet Quebec stakeholder interests of transformation within the province and to add shareholder value, Focus is evaluating the feasibility of producing value added graphite products including battery-grade spherical graphite.
Focus Graphite is a technology-oriented graphite mining development company with a vision for building long-term, sustainable shareholder value. Focus also holds a significant equity position in graphene applications developer Grafoid Inc.
For more information about Focus Graphite, please visit www.focusgraphite.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Focus Graphite Inc.
Mr. Gary Economo
Chief Executive Officer
+1-613-241-4040
geconomo@focusgraphite.com
www.focusgraphite.com