Energizer Resources Inc. (TSX:EGZ) (OTCQX:ENZR) (FRANKFURT:YE5) is pleased to announce that it has closed the previously announced private placement offering of common shares of the Company an issue price of US$0.14 per Common Share for gross proceeds of US$4,800,000. The Offering consisted of a brokered and a non-brokered portion. The brokered portion of the Offering was conducted by a syndicate of agents led by GMP Securities L.P. and including Dundee Securities Ltd.
The net proceeds from the Offering will be used primarily to fund the production of additional graphite concentrate samples from the Molo Project in Madagascar for distribution to potential offtake groups and end users of graphite which the Company is in advanced discussions with and for general working capital purposes.
All securities issued in connection with the Offering will be subject to a minimum six-month hold period.
The Company has obtained conditional approval from the Toronto Stock Exchange for the listing of all Common Shares issued pursuant to the Offering. The Offering is subject to receipt of final approval of the TSX.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
About Energizer Resources
Energizer Resources is a mineral exploration and mine development company based in Toronto, Canada, that is developing its 100%-owned, flagship Molo Graphite Project in southern Madagascar. The Molo is one of the largest known all-flake graphite deposits in the world and hosts a NI 43-101 compliant Measured resource of 23.62 million tonnes (MT) grading 6.32% carbon (C), an Indicated resource of 76.75 MT grading 6.25% C and an Inferred resource of 40.91 MT at 5.78% C, for a combined total of 141.28 MT at 6.13%C.
Energizer is at the full feasibility stage, with the Study to be released by the fourth quarter of 2014. Results of the Company’s recently completed pilot plant operation confirmed that 43.5% of the Molo deposit is classified as the premium-priced large and extra-large flake, with an average purity level in excess of 97%C achieved through standard flotation alone. The Company is targeting production in Q2/Q3 of 2016.
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