Big North Announces Conversion of Notes and Exercise of Warrants
August 5, 2014 (Source: Accesswire) — BIG NORTH GRAPHITE CORP. (TSX-V: NRT) (OTC: BNCIF) (the “Company” or “Big North”), is pleased to announce that two arm’s length parties have acquired an aggregate of 4,174,246 common shares in the capital of the Company (the “Shares”) pursuant to the conversion of the principal and accrued interest of unsecured convertible notes (the “Convertible Notes”) issued in January, 2014 (see press release dated January 9, 2014).
In accordance with the terms of the Convertible Notes, an aggregate of $100,000 of principal was converted into 2,000,000 Shares and 2,000,000 common share purchase warrants (the “Warrants”). In addition, an aggregate of $8,712.33 of accrued interest was converted into 174,246 Shares at a conversion price of $0.05 per Share.
The two arm’s length parties subsequently completed the exercise of the 2,000,000 Warrants at an exercise price of $0.05, and therefore, acquired an additional 2,000,000 Shares in consideration of paying the Company an aggregate of $100,000.
The Shares issued upon conversion of the Convertible Notes and the exercise of the Warrants have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements.
About Big North Graphite Corp.
Big North is a graphite development and exploration company focused on select projects in Mexico and Canada. The Company acquired three past producing amorphous graphite mines in Sonora, Mexico and is working towards accelerating the restart of the Nuevo San Pedro amorphous graphite mine. Big North is currently in the Test Mining phase at Nuevo San Pedro and has completed sales of amorphous graphite totalling 1,163 tons to date.
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Big North Graphite recently announced the acquisition of the past producing El Tejon flake graphite mine and mill in Oaxaca, Mexico. Big North is poised to capitalize on the increasing strategic demand for graphite throughout the world, a demand that is being driven by the growth in new, green technologies including the lithium ion batteries that are being used in hybrid and fully electric vehicles.
Big North also owns high priority, large flake graphite exploration projects in Ontario and Quebec, Canada.
ON BEHALF OF THE BOARD
(signed) “Spiro Kletas”
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>