Focus Graphite closes $883,799 2nd tranche of placement

Mar 31, 2015

FOCUS GRAPHITE CLOSES SECOND AND FINAL TRANCHE OF OFFERING

Focus Graphite Inc. has closed the second and final tranche of its previously announced private placement for gross proceeds of $883,799.70 (see the company’s news release dated March 2, 2015, and March 16, 2015, for more details on the offering). For the second tranche, the company has issued 2,525,142 units at a price of 35 cents per unit, each unit comprising one common share of the company and one-half of one common share purchase warrant, with each warrant entitling the holder thereof to acquire one additional common share of the company at a price of 55 cents per share until March 27, 2017.

In connection with the closing of the second tranche of the offering, the company paid cash finders’ fees totalling $61,866 and issued 176,759 non-transferable warrants with each warrant entitling the holder to acquire one common share of the company at a price of 35 cents per common share until March 27, 2017.

The securities issued in connection with the closing of the second tranche of the offering are subject to a four-month hold period expiring on July 28, 2015. The offering is subject to the final approval of the TSX Venture Exchange.

http://www.focusgraphite.com/news-releases/