Mr. Bruce Duncan reports
CANADA CARBON CLOSES $560,000 FLOW-THROUGH FINANCING
Canada Carbon Inc. has closed a non-brokered private placement, which raised gross proceeds of $560,000. Specifically, the company issued two million flow-through units at a price of 28 cents per unit to a sole subscriber. Each unit comprises one common share in the capital stock of the company, to be issued as a flow-through share, and one-half of one non-flow-through common share purchase warrant, with each whole warrant being exercisable for the purchase of an additional non-flow-through common share, at a price of 40 cents per share, for an 18-month period.
Finders' fees of $33,600 were paid in connection with the private placement to Secutor Capital Management Corp. In accordance with applicable securities legislation, all securities issued in the private placement are subject to a statutory hold period of four months and one day.
The proceeds from the private placement will be used to advance the exploration of the company's 100-per-cent-owned Miller hydrothermal lump/vein graphite property.
We seek Safe Harbor.
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