Business
Focus Graphite Inc. Closes $2,000,000 Private Placement
KINGSTON, ON / ACCESSWIRE / June 8, 2021 / Focus Graphite Inc. (TSXV:FMS) (the " Company "...
About this update from Focus Graphite Inc.
[{"type":"text","content":"Focus Graphite Inc. Closes $2,000,000 Private PlacementKINGSTON, ON / ACCESSWIRE / June 8, 2021 / Focus Graphite Inc. (TSXV:FMS) (the \"Company\" or \"Focus Graphite\") announced today it has closed its previously announced non-brokered private placement (the 'Offering') for total aggregate gross proceeds of $2,000,000. The closing of the Offering occurred in a final tranche of $177,200 (the \"Final Tranche\"). As part of the Final Tranche, the Company issued 1,476,666 flow-through shares (the \"FT Shares\") at a price of $0.12 per FT Share.In connection with the closing of the first tranche of the Offering, the Company paid cash finder's fees totaling $700 and issued 5,833 non-transferable finder's warrants (the \"Finders Warrants\"). Each Finders Warrant entitles the holder to acquire one (1) non-flow-though common share of the Company at a price of $0.12 per common share until June 7, 2023.The securities issued in connection with the Final Tranche are subject to a four-month hold period expiring October 8, 2021.Two insiders of the Company participated in the Offering and subscribed for an aggregate of 768,333 FT Shares representing an aggregate amount of $92,200. Participation of insiders of the Company in the Offering constitutes a 'related party transaction' as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('61-101'). The Offering is exempt from the formal valuation and minority shareholder approval requirements of 61-101 as neither the fair market value of securities being issued to insiders nor the consideration being paid by insiders will exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of insiders of the Company had not been confirmed at that time.The Offering is subject to the final approval of the TSX Venture Exchange.About Focus GraphiteFocus Graphite Inc. is an advanced exploration company with an objective of producing flake graphite concentrate at its wholly owned Lac Knife and Lac Tétépisca flake graphite projects located in the Côte-Nord administrative region of Québec. In a second stage, to meet Québec stakeholder interests in developing second transformation industries within the province and ...