Big North Graphite Corp Closes Private Placement
March 14, 2014 (Source: Accesswire) — BIG NORTH GRAPHITE CORP. (TSX-V: NRT) (the “Company” or “Big North”),announces that, further to its news releases of January 10, February 24 and March 13, 2014, the Company has closed on a total of 13,333,333 units (the “Units”) at $0.06 per Unit for aggregate gross proceeds of $800,000. The final tranche closed on March 13, 2014 and consisted of 8,275,001 Units for gross proceeds of $496,500 (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 $0.075 per Share for
two years following the closing of the Offering.
As announced on February 24, 2014, the Company closed the first tranche of the Offering for a total of 5,058,332 Units for gross proceeds of $303,500.
All securities issued in connection with the second tranche of the Offering will be subject to a four month hold period expiring on July 14, 2014, in accordance with applicable Canadian securities laws. Net proceeds from the Offering will be applied towards the acquisition of the El Tejon graphite mine in Oaxaca, Mexico (see December 19, 2013 news release) and for general working capital purposes. The Offering remains subject to final acceptance by the TSX Venture Exchange.
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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 totaling 760 tons to date.
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.
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.
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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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>