Galaxy Graphite Corp. Announces CDN$253,000 Private Placement of Flow-Through Units
May 29, 2013 (Source: Galaxy Graphite) — Galaxy Graphite Corp. (TSXV: GXY) (“Galaxy” or the “Company”) is pleased to announce that it will be making a non-brokered private placement of up to 4,600,000 units issuable on a “flow-through” basis at a price of $0.055 per Flow-Through Unit for aggregate gross proceeds of C$253,000 (the “Offering”). Each Flow-Through Unit will consist of one flow through common share in the Company and one half share purchase warrant with a full warrant being exercisable for a period of 18 months from the closing date at a price of CDN$0.10 per share to purchase one additional share non flow through share of the Company.
The Warrants attached to the Unit will become callable on 21 days’ notice in the event the Company’s shares trade at a price of $0.20 per share or greater for a 20 day trading period after the four month hold period expires on the securities sold.
Finder’s fees will be payable with respect to the Offering to eligible finders in an amount equal to 8% of the gross proceeds raised in the Offering together with finder’s compensation shares in the amount of 5% of the units placed plus finder’s options equal to 5% of the number of Units sold. Each finder’s option will entitle the Finder to acquire one additional common shares of the Company on the same terms of the Warrant comprised in the Units of the Offering.
The flow through funds being raised will be allocated towards exploration expenditures on the Company’s Buckingham Property located in the Province of Quebec.
The Private Placement is subject to prior TSX Venture Exchange approval.
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Galaxy Graphite Corp is a publicly traded Canadian exploration company which is focused on exploring and developing graphite properties located in the Provinces of Quebec and Ontario In addition, the company is exploring a highly prospective gold property located in the Brownell Lake in northeastern Saskatchewan.
On behalf of the Board of Directors
Chris M Healey, President and CEO
Galaxy Graphite Corp.
For further information, please visit the website at www.sedar.com to view the Company’s profile or contact Chris M Healey at 604-921-1810.
We seek safe harbor.
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.
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