pcNewsWire – Focus Graphite Inc. (TSX-V: FMS; OTCQX: FCSMF; FSE: FKC) has closed first closing of a non-brokered private placement, issuing 3,150,000 units at a price of $0.075 per unit for gross proceeds of $236,250.
Proceeds from the sale of the units will be added to Focus’ working capital.
Focus Graphite Holds First Closing of a Non-Brokered Private Placement for $236,250
OTTAWA – June 6, 2017 — Focus Graphite Inc. (FMS: TSX-V; OTCQX: FCSMF; FSE: FKC) (“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 3,150,000 units at a price of $0.075 per unit, for gross proceeds to Focus of $236,250. 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 June 15, 2017, subject to an aggregate maximum of $5 million (66,666,666 units).
The net proceeds from the sale of the units will be added to Focus’ working capital.
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 October 7, 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.
For more information about Focus Graphite, please visit www.focusgraphite.com.
Neither the 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 accuracy of this release.
Focus Graphite Inc.
Mr. Gary Economo
Chief Executive Officer
SOURCE: Focus Graphite Inc.