- Northern Graphite Corporation (NGC) receives a 30-day extension to close the final tranche of its $40 million private placement with Imerys Group
- It is expected that all the necessary financings will close in mid-March
- Northern Graphite already completed an initial closing for approximately $19.3 million
- The net proceeds will be used to partially fund the purchase of mining assets
- Northern Graphite Corporation (NGC) is down 1.43 per cent and is trading at $0.69 per share as of 1:06 p.m. EST
Northern Graphite Corporation (NGC) receives a 30-day extension to close the final tranche of its $40 million private placement with Imerys Group.
Northern Graphite now has until April 4 to finalize documentation associated with the debenture, royalty and streaming financings with the Sprott Group. It is expected that all the necessary financings will close in mid-March.
As previously announced, Northern Graphite completed an initial closing on February 10, where it issued a total of 25,762,500 subscription receipts for $0.75 each equalling approximately $19.3 million.
Affiliates of the Sprott Group have indicated their intention to purchase the remaining five million subscription receipts not issued in the initial closing for additional gross proceeds of $3.75 million in a follow-on closing pending the final documentation.
The net proceeds will be used to partially fund the purchase of mining assets. US$3 million of the purchase price will be satisfied by issuing units to Imerys on the same terms and conditions as those issuable on exercise of the Subscription Receipts.
Each subscription receipt will be automatically exercised into one unit of Northern Graphite. Each unit includes one common share and half of one share purchase warrant. Each whole warrant shall be exercisable to acquire one common share for $1.10
Northern Graphite Corporation (NGC) is down 1.43 per cent and is trading at $0.69 per share as of 1:06 p.m. EST.