Eagle Graphite Closes $245,000 Placement

Eagle Graphite Incorporated (TSXV:EGA) announced it has completed the non-brokered private placement for aggregate gross proceeds of $245,000.
As quoted in the press release:

The Company issued (i) 1,000,000 flow-through common shares (the “FT Shares”) at a price of $0.06 per FT Share (the “FT Placement”), and (ii) 3,700,000 units (the “Units”) at a price of $0.05 per Unit. Each Unit consists of one common share (each a “Share”) and one-half of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.075 at any time until December 4, 2017.
Latitude Minerals Inc. (“Latitude”), an insider of the Company, purchased 1,300,000 Units under the Private Placement, thereby making the Private Placement a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). Upon completion of the Private Placement, Latitude holds 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 (the “TSXV”) 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 were created, nor was there any change of control as a result of the Private Placement.

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