Offering to raise funds for bankable feasibility study and permitting
By Devika Patel
Knoxville, Tenn., March 6 - Northern Graphite Corp. said it will raise C$5 million in a non-brokered private placement of stock.
The company will sell 5,882,353 common shares at C$1.70 per share. The price per share is a 15.42% discount to the March 5 closing share price of C$2.01.
Proceeds will be used to complete the bankable feasibility study and permitting at the company's Bissett Creek graphite project and for working capital and general corporate purposes, as well as detailed engineering and design and the acquisition of long lead time equipment upon the positive completion of the feasibility study.
Northern Graphite is an Ottawa, Ont., graphite explorer.
| Issuer: | Northern Graphite Corp.
|
| Issue: | Common shares
|
| Amount: | C$10 million
|
| Shares: | 5,882,353
|
| Price: | C$1.70
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Pricing date: | March 6
|
| Stock symbol: | TSX Venture: NGC
|
| Stock price: | C$2.01 at close March 5
|
| Market capitalization: | C$60.46 million
|
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