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SRG Graphite Announces C$3 Million Strategic Equity Financing With CORIS Capital SA
Montreal, Quebec / TheNewswire / August 16, 2017 - SRG Graphite Inc. (TSXV: SRG) ("SRG" or the "Company") is pleased to announce a non-brokered private placemen
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[{"type":"text","content":"Montreal, Quebec / TheNewswire / August 16, 2017 - SRG Graphite Inc. (TSXV: SRG) (\"SRG\" or the \"Company\") is pleased to announce a non-brokered private placement (the \"Private Placement\") with CORIS Capital SA (\"CORIS\") of 7,500,000 units (the \"Units\") at a price of C$0.40 per Unit, for total gross proceeds of C$3,000,000. Each Unit will be comprised of one common share of the Company (a \"Share\") and one-half of one non-transferable share purchase warrant. Each whole warrant (a \"Warrant\") will entitle CORIS to purchase for a period of 24 months from the date of closing (the \"Expiry Date\"), one additional common share of the Company (a \"Warrant Share\") at an exercise price of $0.50 per Warrant Share. \"CORIS is a leader in the West African banking, financial and investment sectors and has been actively involved in the mining industry for quite some time,\" said Benoit La Salle, Executive Chairman, SRG. \"We are privileged to welcome CORIS as a strategic partner and contributor to the development of SRG as the Company continues its quest to become a leader in the production and delivery of cost effective, quick-to-market, quality graphite.\" \"This strategic investment by CORIS is a significant vote of confidence in SRG's ability to successfully and efficiently develop the Lola Graphite project in Guinea,\" added Dr. Marc-Antoine Audet, SRG's President and CEO. The Company has also agreed to grant to CORIS a pre-emptive right pursuant to which, for so long as CORIS holds any equity interest in the Company on a fully-diluted basis, it will have the right to participate in any future equity private placement or public offering of the Company (an \"Offering\") to allow it to maintain the same percentage interest in the Company after completion of the Offering (assuming the conversion or exchange of any convertible securities issued under the Offering) as existed immediately prior to completion of the Offering. Upon closing of the Offering, CORIS will have the right to nominate up to two members to SRG's board of directors. The number of board members to be nominated will be determined based on the percentage interest held by CORIS. The Offering, which remains subject to the approval of the TSX Venture Exchange, is expected to close by the end of August 2017. No finders' fees or commissions will be payable. Net proce...