Focus Graphite Inc. Provides Update on Private Placement
OTTAWA, Jan. 14, 2019 (GLOBE NEWSWIRE) — Focus Graphite Inc. (TSX-V:FMS) (“Focus” or the “Company”) is pleased to announce it has secured an extension from the TSX Venture Exchange to complete the Company’s previously announced equity financing by February 13, 2019.
The Company closed a second tranche of its non-brokered private placement (the “Offering“) for gross proceeds of $625,000 (the “Second Tranche”). As part of the Second Tranche, the Company issued 12,500,000 units (the “Units“) at a price of $0.05 per Unit. Each Unit is comprised of one (1) flow-through common share and one common share purchase warrant (a “Warrant“). Each Warrant entitles its holder to purchase one (1) common share at a price of $0.055 per common share until December 27, 2020.
In connection with the closing of the Second Tranche of the Offering, the Company paid a cash finder’s fee totaling $43,750 and issued 875,000 warrants (the “Finder Warrants”). Each Finder Warrant entitles the finder to purchase one (1) common share at a price of $0.05 per common share until December 27, 2020.
The securities issued in connection with the closing of the Second Tranche are subject to a four-month hold period expiring on April 27, 2019.
The Offering is subject to the final approval of the TSX Venture Exchange.
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 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.
Focus Graphite Inc.
Mr. Gary Economo
Chief Executive Officer