Big North Graphite Announces $490,000 Private Placement

Big North Graphite Corp. (TSXV:NRT) announced plans to complete a non-brokered private placement of up to 7,000,000 units priced at $0.07 per unit for gross proceeds of $490,000. The money will be put towards general working capital purposes.

In a recent conversation with Resource Investing News, Big North CEO Spiro Kletas explained that his company is focusing on its El Tejon project in Mexico. He said the project requires only an estimated six months and $2.5 million to get into production.

As quoted in the press release:

Each Unit will consist of one common share (a ‘Share’) and one half common share purchase warrant (a ‘Warrant’). Each full Warrant will entitle the holder thereof to purchase one Share at an exercise price of $0.10 for a period of 24 months following the closing of the Offering.

Completion of the Offering is subject to receipt of all regulatory approvals, including the approval of the TSX Venture Exchange (the ‘TSXV’). All securities issued pursuant to the Offering will be subject to a statutory four month hold period under applicable securities laws.

In connection with the Offering, Big North may, subject to regulatory acceptance, pay a finder’s fee to certain arm’s length parties up to the maximum permitted under TSXV policies.

Click here to read the full Big North Graphite Corp. (TSXV:NRT) press release.