Non-brokered deal sells stock at C$0.175 and units at C$0.15 per unit
By Devika Patel
Knoxville, Tenn., April 4 – Focus Graphite Inc. said it raised C$1.53 million in the first tranche of a non-brokered private placement of stock and units.
The company is selling flow-through common shares at C$0.175 apiece and units of one common share and a warrant at C$0.15 per unit. Each warrant is exercisable at C$0.20, with the warrants expiring on April 1, 2020.
The price per share is a 12.5% discount to the April 1 closing share price of $0.20. The warrant strike price is identical to that price.
In the initial tranche, Focus Graphite sold 7,167,714 shares and 1,848,000 units.
The Ottawa company mines graphite with an objective to produce lithium ion batteries.
| Issuer: | Focus Graphite Inc.
|
| Issue: | Flow-through common shares, units of one common share and a warrant
|
| Amount: | C$1,531,550
|
| Agent: | Non-brokered
|
| Settlement date: | April 4
|
| Stock symbol: | TSX Venture: FMS
|
| Stock price: | C$0.20 at close April 1
|
| Market capitalization: | C$32.88 million
|
|
|
| Shares
|
| Price: | C$0.175
|
| Warrants: | No
|
|
|
| Units
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | April 1, 2020
|
| Warrant strike price: | C$0.20
|
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