Mr. Gary Economo reports
FOCUS GRAPHITE ANNOUNCES SHARE SALE AND NON-BROKERED PRIVATE PLACEMENT IN THE AMOUNT OF $3,000,000
Focus Graphite Inc.'s directors and officers have arranged a sale of up to eight million common shares at a price of 10 cents per share, to Canadian institutions, through the facilities of the TSX Venture Exchange. The proceeds from this sale will be used to finance the purchase of up to eight million units at a price of 10 cents per unit in the course of the private placement of the company described below.
The non-brokered private placement in connection with the share sale will be for gross proceeds of up to $3-million by issuing a maximum of 30 million units at a price of 10 cents per unit. Each unit is composed of one common share and one common share purchase warrant. Each warrant will entitle its holder to purchase a common share at an exercise price of 12 cents per common share for a period of 48 months following the closing date of the private placement.
The proceeds of this private placement will be used for general working capital. The private placement is subject to regulatory approval.
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