Eagle Graphite Arranges $250,000 Private Placement

Eagle Graphite Incorporated (TSXV:EGA) announced it intends to close a non-brokered private placement for aggregate gross proceeds of up to $250,000.
As quoted in the press release:

The Private Placement will be comprised of (i) up to 1,000,000 flow-through common shares (the “FT Shares”) at a price of $0.06 per FT Share (the “FT Placement”), and (ii) up to 3,800,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for a period of twenty four (24) months at an exercise price of $0.075 per share. Closing of the Private Placement is expected to occur within the next 7 days.
Latitude Minerals Inc. (“Latitude”), an insider of the Company, will participate in the Private Placement, thereby making the Private Placement a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). Latitude intends to purchase 1,300,000 Units, and after the completion of the Private Placement will own 187,328,800 common shares or approximately 68.1% of the total common shares issued and outstanding. The Private Placement is exempt from the need to obtain minority shareholder and a formal valuation as required by MI 61-101 as the Company is listed on the TSX Venture Exchange and the fair market value of any units to insiders or the consideration paid by insiders of the Company does not exceed 25% of the Company’s market capitalization. No new insiders are anticipated to be created, nor will there be any change of control as a result of the Private Placement.

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