Big North Closes Increases and Closes Private Placement
August 08, 2013 (Source: Accesswire) — NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
BIG NORTH GRAPHITE CORP. (TSX-V: NRT) (the “Company” or “Big North”), announces that, further to its news releases of June 6, 2013 and July 3, 2013, the Company has increased the size of its previously announced non-brokered private placement offering and closed on a total of 12,600,000 units (the “Units”) at $0.05 per Unit for aggregate gross proceeds of $630,000. The final tranche closed on August 7, 2013 and consisted of 9,000,000 Units for gross proceeds of $450,000 (the “Offering”).
Each Unit consists of a common share in the capital of the Company (a “Share”) and one common share purchase
warrant (a “Warrant”). Each Warrant entitles the holder to acquire one Share at a price of $0.10 per Share for
two years following the closing of the Offering.
All securities issued in connection with the Offering will be subject to a four month hold period expiring on
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December 8, 2013, in accordance with applicable Canadian securities laws. Net proceeds from the Offering will
be applied towards advancement of the Company’s mineral properties and for general working capital purposes. The Offering remains subject to final acceptance by the TSX Venture Exchange.
About Big North Graphite Corp.:
Big North is a graphite development and exploration company focused on select projects in Mexico and Canada. The Company recently acquired 3 past producing amorphous graphite mines in Sonora, Mexico and is working towards accelerating the restart of the Nuevo San Pedro amorphous graphite mine. Recently, the Company announced that it has started the assembly of a processing plant that will be used for stockpiling, crushing, screening, sizing and drying of graphite to the specifications of individual future customers. Further, the Company has commenced a strategy of buying unprocessed amorphous graphite from local miners for processing and re-sale.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This news release has been approved by the Board of Directors.
ON BEHALF OF THE BOARD
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
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>