OTTAWA, ONTARIO--(Marketwired - Mar 7, 2017) - Focus Graphite Inc. (TSX VENTURE:FMS)(FCSMF)(FKC.F) ("Focus") is pleased to announce that it has held a first closing of a non-brokered private placement at which it issued an aggregate of 12,493,536 units at a price of $0.075 per unit, for gross proceeds to Focus of $937,015. Each of the units consists of one common share in the capital of Focus Graphite and one common share purchase warrant. Each warrant entitles its holder to purchase one additional common share of Focus at an exercise price of $0.10 for a period of 48 months. Focus expects to hold additional closings of the private placement until March 27, 2017, subject to an aggregate maximum of $1.5 million (20,000,000 units).
The net proceeds from the sale of the units will be added to Focus' working capital.
In connection with the first closing of the private placement, Focus paid a cash sales commission to Secutor Capital Management Corporation in an amount of $70,761. In addition, Focus granted broker warrants to Secutor Capital Management Corporation and another securities dealer entitling the holders to acquire up to 934,482 additional common share of Focus. The broker warrants may be exercised at a price of $0.10 per share for a period of four years.
Under applicable securities legislation and the policies of the TSX Venture Exchange, the securities issued at the first closing of the private placement are subject to a four-month hold period, expiring on July 8, 2017.
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.
