Focus Graphite Closes Private Placement

Rhea-AI Summary

Focus Graphite Inc. has successfully closed a non-brokered private placement, raising $842,616 in gross proceeds. This funding round involved issuing 988,640 common shares at $0.65 each and 500,000 units at $0.40 per unit, with each unit comprising one common share and one-half warrant. The warrants allow for the purchase of additional shares at $0.65 until December 29, 2023. The issuance is subject to a four-month hold, pending final approval from the TSX Venture Exchange.

Positive

• Raised $842,616 through non-brokered private placement.
• Issued a total of 988,640 common shares and 500,000 units, enhancing liquidity.
• Units include warrants potentially increasing share capital.

Negative

• Dependence on TSX Venture Exchange approval for the Offering.
• Common shares priced lower than market expectations could signal reduced investor confidence.

OTTAWA, ON / ACCESSWIRE / December 29, 2022 / Focus Graphite Inc. (TSXV:FMS) ("Focus" or the "Company") is pleased to announce it has closed its previously announced non-brokered private placement (the "Offering") for total gross proceeds of $842,616.00.

As part of the Offering, the Company issued 988,640 common shares on a flow-through basis (the "Flow-Through Share") at a price of $0.65 per Flow-Through Share and 500,000 units (the "Units") at a price of $0.40 per Unit. Each Unit is comprised of one (1) common share and one-half (1/2) common share purchase warrant (a "Warrant"). Each Warrant entitles its holder to purchase one (1) common share at a price of $0.65 per common share until December 29, 2023.

The securities issued in connection with the closing of the Offering are subject to a four-month hold period expiring on April 30, 2023.

The Offering is subject to the final approval of the TSX Venture Exchange.

About Focus Graphite

Focus Graphite Inc. is an advanced exploration company with an objective of producing flake graphite concentrate at its wholly owned Lac Knife flake graphite deposit located 27 km south of Fermont, Québec. In a second stage, to meet Quebec stakeholder interests of transformation within the province and to add shareholder value. Focus is evaluating the feasibility of producing value added graphite products including battery-grade spherical graphite.

Focus Graphite is a technology-oriented graphite development company with a vision for building long-term, sustainable shareholder value. Focus also holds a significant equity position in graphene applications developer Grafoid Inc.

For more information about Focus Graphite, please visit www.focusgraphite.com.

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.

Focus Graphite Investor Contact:

Focus Graphite Inc.
Judith Mazvihwa-MacLean
CFO
(613) 581-4040
jmazvihwa@focusgraphite.com

Kimberly Darlington
Investor Relations
kdarlington@focusgraphite.com
514-771-3398

SOURCE: Focus Graphite, Inc.

View source version on accesswire.com:
https://www.accesswire.com/733599/Focus-Graphite-Closes-Private-Placement

FAQ

What is the total amount raised in Focus Graphite's private placement?

Focus Graphite raised a total of $842,616 in its private placement.

How many shares were issued in Focus Graphite's Offering?

A total of 988,640 common shares were issued at a price of $0.65 each.

What are the terms of the warrants issued by Focus Graphite?

Each warrant allows the holder to purchase one common share at a price of $0.65 until December 29, 2023.

What are the next steps for the funds raised by Focus Graphite?

The funds will be used to support the exploration and development of their Lac Knife graphite deposit.

When does the hold period for the private placement securities expire?

The hold period for the securities expires on April 30, 2023.