Alabama Graphite Corp. Completes Oversubscribed Non-Brokered Private Placement with Insider Participation

TORONTO — (September 6, 2016) — Alabama Graphite Corp. (TSXV:ALP,OTCQX:ABGPF) is pleased to announce that further to its September 2, 2016 announcement (‘Alabama Graphite Corp. Announces Proposed Non-Brokered Private Placement’), the Company has closed its previously-announced private placement (the “Private Placement”) consisting of 4,916,745 units (the “Units”) at a price of $0.15 per Unit for aggregate gross proceeds of approximately $737,000. The Private Placement remains subject to the final approval of the TSX Venture Exchange (the “TSX-V”).
Each Unit is comprised of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.20 for a period of 24 months following the date of issue, subject to customary adjustment provisions. No finders’ fees were paid in connection with the Private Placement.
This Private Placement brings the AGC’s total investment raised to more than $1,250,000 in less than four months (see the Company’s May 20, 2016 announcement ‘Alabama Graphite Corp. Completes Oversubscribed Non-Brokered Private Placement with Insider Participation; Announces Granting of Options’).
AGC intends to use the net proceeds of the Private Placement for working capital and further advancing the Company’s development of its metallurgical process for producing coated spherical graphite (“CSPG”) for use in Lithium-ion batteries.
Connect with Alabama Graphite Corp. (TSXV:ALP,OTCQX:ABGPF) to receive an Investor Presentation.