- Focus Graphite Inc. (FMS) announced a non-brokered private placement to raise up to $842,000
- The offering would be made up of 500,000 units and 987,692 flow-through shares
- Units will be sold for $0.40 each and flow-through shares for $0.65 apiece
- Proceeds from the units will go towards existing operations and general working capital
- Money raised from flow-through shares will support the Tetepisca drilling program
- Focus Graphite Inc. (FMS) is unchanged, trading at $0.39 per share at 11:28 a.m. EST
Focus Graphite (FMS) announced a non-brokered private placement to raise up to $842,000.
The private placement would include 500,000 units in the company’s capital at a price of $0.40 per unit for $200,000.
The remaining proceeds would be made up of 987,692 flow-through common shares issued at a price of $0.65 per flow-through share for $642,000.
Each unit would include one common share and half of a non-transferable common share purchase warrant. Each warrant would entitle the holder thereof to acquire one common share at an exercise price of $0.65 for one year from closing the offering.
The net proceeds of the offering are expected to be used for existing operations and general working capital requirements. The net proceeds of the flow-through offering will be used to support Graphite One’s Tetepisca drilling program.
The company also announced that its shareholders recently approved an amendment to increase the number of options available under the stock option plan to over 11 million.
Focus Graphite is an advanced exploration and mining company with the objective of producing graphite concentrate at its Lac Knife flake graphite deposit in Québec.
Focus Graphite Inc. (FMS) is unchanged, trading at $0.39 per share at 11:28 a.m. EST.