Standard Graphite Closes Non-Brokered Private Placement for $787,500
10.08.2012 | Marketwire
NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BRITISH COLUMBIA -- (Marketwire - Aug. 10, 2012) - Standard Graphite Corp. (TSX VENTURE:SGH) (the "Company") is pleased to advise it has, subject to TSX Venture Exchange approval, completed a non-brokered private placement for 5,250,000 units (the "Units") at a price of $0.15 per Unit for aggregate proceeds of CDN $787,500 (the "Financing"). Each Unit consists of one common share and one share purchase warrant (the "Warrant"). Each Warrant entitles the holder to subscribe for one common share at a price of $0.25 for a period of twenty four (24) months following the closing of the Financing.
The net proceeds from this private placement will be used for additional exploration on the Company's Quebec and Ontario properties.
Finders' fees of 7% cash of the gross proceeds received by the Company from the sale of Units sold pursuant to the Financing shall be payable. In addition the Company shall grant compensation options entitling the holder to purchase that number of Units equal to 10% of the total number of Units sold pursuant to the Financing, exercisable in whole or in part at the price of the Units for a period of 24 months from the closing of the Financing.
All securities issued pursuant to the Financing will be subject to a four month and one day hold period from the date of closing of the Financing.
About Standard Graphite
Standard Graphite Corp is focused exclusively on the exploration and development of a large portfolio of flake graphite properties in Canada. The company is rapidly positioning itself as North America's premier pure-play graphite exploration & development company. Standard is controls 100% interest in 13 highly prospective graphite properties including the historic graphite deposit on its Mousseau East property. An aggressive 2012 exploration strategy and drill program has commenced and will be implemented by a geologic team with the pedigree of a previous world-class graphite discovery.
ON BEHALF OF THE BOARD
Chris Bogart
President & CEO
Cautionary Statement:
The foregoing information may contain forward-looking statements relating to the future performance of Standard Graphite Corp. Forward-looking statements, specifically those concerned with future performance are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in Standard Graphite Corp.'s filings with the appropriate securities commissions.
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
Standard Graphite Corporation
Chris Bogart, President & CEO
(604) 683-2509
(604) 683-2506 (FAX)
info@standardgraphite.com
www.standardgraphite.com
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