Focus Graphite Closes First Tranche For Gross Proceeds of $429,829

Focus Graphite Inc. (TSXV:FMS,OTCQX:FCSMF,FWB:FKC) announced today the closing of the first tranche of a non-brokered private placement for gross proceeds of $429,829. Focus Graphite is expecting to move forward shortly with the closing of a second tranche for a total gross proceeds of up to $2-million.
As quoted in the press release:

The company has issued 3,306,381 units at a price of 13 cents per unit, each unit comprising one common share of the company and one common share purchase warrant, each warrant entitling the holder thereof to acquire one additional common share of the company at a price of 17 cents per share until Aug. 28, 2019.
In connection with the closing of the first tranche of the offering, the company paid cash finders’ fees totalling $34,386 and issued 264,510 non-transferable warrants, each warrant entitling the holder to acquire one common share of the company at a price of 17 cents per common share until Aug. 28, 2017.
The securities issued in connection with the closing of the first tranche of the offering are subject to a four-month hold period expiring on Dec. 29, 2015. The company expects to proceed shortly with the closing of a second tranche for total gross proceeds (including the first tranche) of up to $2-million (15,384,616 units). The offering is subject to the final approval of the TSX Venture Exchange.

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