- SRG Mining (TSXV:SRG) has completed its previously announced non-brokered private placement for gross proceeds of C$1 million
- The company issued a total of two million units at a price of $0.50 each, consisting of one common share and one common share purchase warrant
- Each warrant is exercisable at a price of $1.00 for a period of 36 months from the date of issuance
- The proceeds raised will be used to strengthen the company’s financial position and advance operations at its Lola graphite project
- SRG Mining (SRG) is currently down 2.78 per cent and is trading at 70 cents per share at 2:31pm EDT
SRG Mining (TSXV:SRG) has completed its previously announced non-brokered private placement for gross proceeds of C$1 million.
Under the terms of the placement, the Montreal-based company issued a total of two million units at a price of 50 cents each. These units were comprised of one common share in the capital of the company and one non-transferable common share purchase warrant.
Each warrant is exercisable at a price of $1.00 over a period of 36 months from the date of issuance.
In connection with the placement, a finder’s fee worth six per cent of the total units issued, or 60,000 common shares, were issued to certain parties.
Benoit La Salle, Executive Chairman of SRG Mining, said the placement was a strategically opportunistic move.
“During these unique and unprecedented financial times caused by the ongoing COVID-19 pandemic, the company decided to capitalise on strong market support to strengthen its financial position to help it advance its Lola graphite project,” he said.
Located approximately 1,000 kilometres south-east of Conakry, the capital of the Republic of Guinea, the Lola graphite project hosts a surface deposit that stretches roughly 8.7 kilometres with an average width of around 370 metres.
The graphite mineralisation continues to a depth of approximately 30 metres, with surface sample grades of up to 20 per cent graphitic carbon.
In near-surface regions, the mineralisation is characterised by weathered ore – or saprolite – which naturally exposes the graphite flakes. This type of ore requires minimal grinding, which contributes to low operation costs and the recovery of large and jumbo-sized graphite flakes.
SRG Mining (TSXV:SRG) is currently down 2.78 per cent and is trading at 70 cents per share at 2:31pm EDT.