Northern Graphite closes $2-million private placement

Executive Summary

• Northern Graphite Corp. completed a non-brokered private placement of 7,142,858 common shares issued on a flow-through basis.
• The company raised gross proceeds of $2 million at a price of 28 cents per share.
• Proceeds are designated for Canadian eligible resource exploration expenses to fund drilling programs at the Lac des Iles mine and the Mousseau exploration project.

Key Details

• Transaction Structure: Non-brokered private placement of common shares issued on a flow-through basis.
• Shares Issued: 7,142,858 common shares.
• Price Per Share: $0.28 CAD.
• Gross Proceeds: $2,000,000 CAD.
• Use of Proceeds: To incur Canadian eligible resource exploration expenses qualifying as Canadian exploration expenses and flow-through critical mineral mining expenditures. Specifically, funds will complete a drill program on targets around the Lac des Iles mine (Quebec) to identify new mill feed sources, or at the Mousseau exploration project.
• Finder’s Fee: Paid to Mine Equities Ltd., consisting of 503,971 common shares and $55 in cash.
• Share Qualification: Shares qualify as flow-through shares under Subsection 66(15) of the Income Tax Act (Canada).
• Hold Period: Four months and one day from the date of issuance, expiring on July 10, 2026.
• Regulatory Status: Subject to final acceptance by the TSX Venture Exchange.

Notable Quotes

• None provided in the text.