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Financings

First Canadian clarifies offering proceeds of $2.8M

By The Northwire Desk — AI Analysis Feb 13, 2026 · 20:47 FCI · 0.39 First Canadian Graphite Inc.
FCI · Price

Executive Summary

  • First Canadian Graphite Inc. has clarified the closing details of its private placement offering, confirming gross proceeds of $2,801,874 from the sale of 9,339,580 units, correcting a previous disclosure error.
  • The financing includes insider subscriptions totaling 270,000 units, constituting a related-party transaction exempt from formal valuation and minority shareholder approval under MI 61-101.
  • Proceeds are designated for general working capital and an exploration/drill program on the Berkwood graphite project in Northern Quebec, with securities subject to a four-month hold period.

Key Details

  • Transaction Structure: Private placement of 9,339,580 units.
  • Price: 30 cents per unit.
  • Gross Proceeds: $2,801,874.00 (Corrected from previously disclosed $2,768,100).
  • Unit Composition: Each unit consists of one common share and one-half warrant.
  • Warrant Terms: Each whole warrant entitles the holder to purchase one common share at an exercise price of 50 cents for a period of two years.
  • Insider Participation: Three insiders subscribed for an aggregate of 270,000 units.
  • Regulatory Status: The insider participation is a related-party transaction under Multilateral Instrument 61-101 but is exempt from formal valuation and minority shareholder approval requirements as the consideration does not exceed 25% of market capitalization. No material change report was filed 21 days prior to closing as insider details were unknown at that time.
  • Use of Proceeds: General working capital and an exploration and drill program on the Berkwood graphite project in Northern Quebec. Funds may be reallocated at the Board's discretion.
  • Finders' Fees: $38,802.02 in cash and 125,440 finders' warrants (exercisable at 50 cents for two years).
  • Listing and Restrictions: Applied to TSX Venture Exchange for approval. Securities subject to a hold period of four months plus one day following issuance, plus applicable U.S. resale restrictions.

Notable Quotes

  • None provided in the text.
Read the original news release →

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