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Focus Graphite launches project financing phase of Lac Knife with a US$6.5 million private placement

Fasken
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Overview

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Focus Graphite Inc.

On September 24, 2014, Focus Graphite announced the launching of the project financing phase of the Lac Knife development project, with the closing of the first tranche of a non-brokered private placement offering of up to 13,000,000 units at a price of $0.50 per unit for gross proceeds of $6,5M. In total, Focus issued 3,861,000 units for gross proceeds of nearly $2M. Each unit consists of one common share and one warrant. Each warrant entitles the holder to acquire one additional common share of the company at a price of $0.60 until September 23, 2018.In connection with this 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 common share of the company at a price of $0.60 per common share for a period of twenty-four months. Furthermore, insiders of the company have participated in this first tranche for a total proceeds of $202,000. Focus Graphite may raise up to $6,5M under the current offering. The net proceeds from the offering will be used to work towards several milestones associated with the development of the Company's Lac Knife natural flake graphite project. Focus Graphite is an emerging mining development company with an objective to produce value added products initially for the lithium ion battery market from the Lac Knife graphite deposit located south west of Fermont, Québec. Focus Graphite was advised in this operation by a team from Fasken Martineau that included Frank Mariage and Steve Boucratie.

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