Non-brokered deal funds acquisition, exploration of Cordoba Property
By Devika Patel
Knoxville, Tenn., March 16 – Focus Graphite Inc. said it settled the C$2.05 million initial tranche of a private placement of units. Stormcrow Capital Ltd. is the agent for the deal, which priced for C$2 million on March 2 and is being conducted on a best-efforts basis.
The company is selling units of one common share and one half-share warrant at C$0.35 per unit. It sold 5,862,166 units in the first tranche.
Each whole warrant is exercisable at C$0.55 for two years, with the initial-tranche warrants expiring on March 13, 2017. The strike price is a 25% premium to the Feb. 27 closing share price of C$0.44.
The company expects to settle a second tranche.
Proceeds will be used for the acquisition and exploration of the Cordoba Property in Colombia and for general working capital purposes.
The Otawa, Ont., company mines graphite with an objective to produce lithium ion batteries.
| Issuer: | Focus Graphite Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$2,051,758
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| Units: | 5,862,166
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| Price: | C$0.35
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years, March 13, 2017
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| Warrant strike price: | C$0.55
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| Agent: | Stormcrow Capital Ltd.
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| Pricing date: | March 2
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| Settlement date: | March 16
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| Stock symbol: | TSX Venture: FMS
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| Stock price: | C$0.44 at close Feb. 27
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| Market capitalization: | C$35.77 million
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