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Focus Graphite (TSV:FMS,OTCQX:FCSMF,FWB:FKC) announced it had closed the first stage of project financing for its Lac Knife project raising proceeds of $1,930,500. The financing looks to sell a total of 13 million units for $6.5 million.
According to the press release:
In total, Focus issued 3,861,000 units for gross proceeds of $1,930,500. Each unit consists of one (1) common share and one (1) warrant. Each warrant entitles the holder to acquire one (1) additional common share of the Company at a price of $0.60 until September 23, 2018.
In connection with the Offering, the Company paid finder’s fees totalling $71,470 and issued 142,940 non-transferable warrants with each warrant entitling the holder to acquire one (1) common share of the Company at a price of $0.60 per common share for a period of twenty-four (24) months expiring on September 23, 2016. Furthermore, insiders of the Company have participated in this first tranche for a total proceeds of $202,000. The securities issued under the Offering are subject to a four-month hold period expiring on January 24th, 2015.
Don Bazter, President and COO of Focus, said:
This private placement officially launches the project financing phase of Lac Knife’s project development following the feasibility study results announced in August. The Company is actively working today with several interested parties to complete a total project financing structure.
Click here to read the Focus Graphite Inc. (TSV:FMS,OTCQX:FCSMF,FWB:FKC) press release
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