Focus Graphite Inc. (TSXV:FMS) reported a private placement for $2,000,000.00, consisting of one unit at $0.35 per unit, with one common share of the Company and one-half of a Common Share purchase warrant.
As quoted in the press release:
Focus Graphite Inc. (TSX VENTURE:FMS)(OTCQX:FCSMF)(FRANKFURT:FKC) (“Focus” or the “Company”) today announced that it has received commitments with respect to a brokered private placement offering of units (“Units”) of the Company (the “Offering”) for total gross proceeds of $2,000,000.00.
Pursuant to the Offering, each Unit will be issued in consideration for $0.35 each and each Unit will consist of one common share of the Company (each, a “Common Share”) and one-half of a Common Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one additional Common Share at a price of $0.55 per share for a period of two years from the date of issuance.
The Company has retained Stormcrow Capital Ltd. (“Stormcrow”), an exempt market dealer headquartered in Toronto, Ontario, as the Company’s Agent for the Offering. Agency fees will be payable according to TSX Venture Exchange guidelines.
The closing of the Offering is subject to conditions customary to a best efforts brokered private placement including, notably, satisfactory due diligence by Stormcrow, to receipt of the required approvals from the TSX Venture Exchange and delivery of customary closing documents.