Northern Graphite raises C$2.2 million in private placement

Northern Graphite Corporation (TSXV: NGC) announced a non-brokered private placement financing of up to 20 million common shares at C$0.11 per share for aggregate gross proceeds of up to C$2.2 million.

The TSX Venture Exchange has conditionally accepted the private placement. The company will use net proceeds to initiate a feasibility study for its planned Battery Anode Material facility in Baie-Comeau, Quebec, and for working capital and corporate expenses.

The shares issued in the private placement will be subject to a four-month statutory hold period from the date of issuance under Canadian securities legislation. The offering requires final acceptance from the TSX Venture Exchange and other requisite approvals.

Northern Graphite operates the Lac des Iles mine in Quebec and owns the Bissett Creek project in Ontario and the Okanjande graphite mine in Namibia, which is currently on care and maintenance. The company describes itself as the only flake graphite producing company in North America.

The securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States without registration or an available exemption.

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