Mr. Jamie Deith reports

EAGLE GRAPHITE COMPLETES PRIVATE PLACEMENT WITH INSIDER PARTICIPATION

On Dec. 4, 2015, further to its press release of Nov. 18, 2015, Eagle Graphite Inc. completed the non-brokered private placement for aggregate gross proceeds of $245,000. The company issued one million flow-through common shares at a price of six cents per flow-through share, and 3.7 million units at a price of five cents per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share of the company at a price of 7.5 cents at any time until Dec. 4, 2017.

Latitude Minerals Inc., an insider of the company, purchased 1.3 million units under the private placement, thereby making the private placement a related-party transaction as defined under Multilateral Instrument 61-101. Upon completion of the private placement, Latitude holds 187,328,800 common shares or approximately 68.1 per cent of the total common shares issued and outstanding.

The private placement is exempt from the need to obtain minority shareholder and a formal valuation as required by MI 61-101 as the company is listed on the TSX Venture Exchange and the fair market value of any units to insiders or the consideration paid by insiders of the company does not exceed 25 per cent of the company's market capitalization.

No new insiders were created, nor was there any change of control as a result of the private placement.

The private placement is subject to receipt of final approval of the TSX Venture Exchange. The shares and warrants comprising the units and the flow-through shares are subject to a statutory hold period until April 5, 2016.

The net proceeds from the private placement will be used to finance exploration work and for general and administrative purposes.

We seek Safe Harbor.