Mr. Jamie Deith reports

EAGLE GRAPHITE ANNOUNCES EXTENSION OF PRIVATE PLACEMENT

Eagle Graphite Inc. is extending its proposed private placement previously announced on Nov. 8, 2015. Further to its press release of Dec. 7, 2015, the company closed one tranche of the private placement on Dec. 4, 2015, and intends to close at least one more tranche prior to Jan. 14, 2016.

Other than Latitude Minerals Inc., which, as an insider, participated in the first tranche of the private placement, no further insiders are anticipated to participate in the private placement and no new insiders are anticipated to be created, nor will there be 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 securities issued will be subject to a four-month hold period following the closing of the private placement.

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

We seek Safe Harbor.