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Focus Graphite Closes a Private Placement

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Focus Graphite Closes a Private Placement

 

 

 

 

 

Focus Graphite Inc. (TSX-V:FMS) (OTCQX:FCSMF) (FRANKFURT:FKC) announces the closing of a private placement. In total, the Company issued 14,333,800 flow-through common shares at a price of $0.10 per common share for aggregate proceeds of $1,433,380.

 

 

In connection with the closing of the Offering, the Company paid cash finder’s fees totaling $114,670.40 to Secutor Capital Management Corp. and issued 1,146,704 non-transferable warrants to Secutor and Marquest Capital Markets, each warrant entitling the holder to acquire one (1) common share of the Company at a price of $0.10 per common share until December 23, 2017.

 

 

The securities issued in connection with the Offering are subject to a four month hold period ending on April 24, 2016. The proceeds of this Offering will be allocated to exploration work on the Company’s mineral properties in Québec. The Offering is subject to final approval from the TSX Venture Exchange.

 

 

Additionally, the Company has granted options to its employees, consultants, directors and officers to purchase 4,800,000 common shares of the company at $0.10 a share over a period of five-years pursuant to the Company’s stock option plan; of which 3,500,000 options were granted to directors and officers of the company.

 

 

About Focus Graphite

 

 

Focus Graphite Inc. is an advanced exploration and development mining company with an objective of producing graphite concentrate at its Lac Knife deposit located south west 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.

 

 

The Lac Knife project hosts a Measured and Indicated Mineral Resource Estimate* of 9.58 million tonnes grading 14.77% graphitic carbon (Cg) (432,000 tonnes Measured @ 23.66% Cg and 9,144,000 tonnes Indicated @ 14.35% Cg) as natural flake graphite with an additional Inferred Mineral Resource Estimate* of 3.1 million tonnes grading 13.25% Cg. Focus’ goal is to assume an industry leadership position by becoming a low-cost producer of technology-grade graphite concentrate.

 

 

The Feasibility Study filed with SEDAR on August 8, 2014 for the Lac Knife Project indicates the project is economically viable and has the potential to become a low cost graphite concentrate producer based on 7.86 million tonnes of Proven and Probable Mineral Reserves** grading 15.13% Cg included in the Mineral Resource (429,000 tonnes Proven @ 23.61% Cg and 7,428,000 tonnes Probable @ 14.64% Cg).

 

 

On May 27, 2014 the Company announced the potential for high value added sales in the Li-ion battery sector following battery coin cell tests performed on Spherical Graphite (“SPG”) produced from the Lac Knife graphite concentrate. Testing measured the performance metrics and confirmed Focus’ capability to tailor lithium ion battery-anode-grade graphite and value added products to meet the most stringent customer specifications.

 

 

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.

 

Posted December 23, 2015

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