Northern Graphite Completes Initial Closing of Private Placement

Northern Graphite Corp of Ottawa, ON has announced completion of the initial closing of a private placement in connection with the financing of its acquisition from Imerys SA of the Lac des Iles, QC graphite mine and Imerys’ graphite operations in Namibia. Under the initial closing, the company has issued a total of 25.8 million subscription receipts at a price of CDN$0.75 each for aggregate gross proceeds of approximately CDN$19.3 million, through a syndicate of agents led by Sprott Capital Partners LP.

The company says that the net proceeds from the private placement will be used to partially fund the purchase price for the transaction.

Volume 36, Issue 03

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