Focus Graphite - Chairman, Jeffrey York
Chairman, Jeffrey York
Source: The Record
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  • Focus Graphite (FMS) intends to complete a non-brokered private placement for up to C$650,000 in proceeds
  • The company will offer up to 4.28 million units at 3.5 cents each, for proceeds of up to $150,000
  • Focus Graphite will also offer up to 10 million flow-through units at five cents each, for up to $500,000
  • The company will primarily use the proceeds of the offering to support its Tetepisca drilling program
  • Focus Graphite is down 14.29 per cent and is currently trading for 3 cents per share

Focus Graphite (FMS) intends to complete a non-brokered private placement for up to C$650,000 in proceeds.

The private placement will consist of offering a combination of units and flow-through units in the company. 

Focus Graphite will offer up to 4.28 million units at 3.5 cents each, for proceeds of up to $150,000. The company will also offer up to 10 million flow-through units at five cents each, for up to $500,000. 

Each unit will contain one common share in Focus Graphite and one non-transferable common share purchase warrant. Each warrant will allow the holder to purchase one additional common share at an exercise price of 5.5 cents per share. 

The warrants issued through standard units from the offering can be exercised within 48 months of the offering’s closing date. 

Each flow-through unit will contain one common share issued on a flow-through basis, and one warrant. Each warrant will allow the holder to buy one additional common share at an exercise price of 5.5 cents each.

The warrants issued through flow-through shares can be exercised within 24 months of the offering’s closing date.

The placement is likely to be conducted in tranches, with the first tranche to close as soon as possible. However, this is subject to certain conditions, including approval from the TSXV. 

Focus Graphite will primarily use the proceeds of the offering to support its Tetepisca drilling program. Some funds will also go towards the company’s general working capital requirements. 

Focus Graphite is down 14.29 per cent and is trading for 3 cents per share, as of 10:56am EST.

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