Northern Graphite Announces Closing of Flow Through Share Private Placement

Executive Summary

• Northern Graphite completed a non‑brokered private placement of 7,142,858 flow‑through common shares at $0.28 per share, raising $2 million in gross proceeds.
• Proceeds are earmarked for Canadian eligible resource exploration expenses, specifically to fund drill programs around the Lac des Iles (LDI) mine and the Mousseau exploration project.
• A finder's fee of 503,971 shares plus $55 cash was paid to Mine Equities Ltd.; all issued shares are subject to a four‑month‑plus‑one‑day hold period expiring July 10 2026.

Key Details

• Placement Size: 7,142,858 common shares (flow‑through)
• Price per Share: $0.28
• Gross Proceeds: $2,000,000
• Use of Proceeds:
• Canadian eligible resource exploration expenses qualifying as “Canadian exploration expenses” and “flow‑through critical mineral mining expenditures.”
• Execution of a drill program on targets surrounding the Lac des Iles mine and at the Mousseau exploration project to identify new mill‑feed sources.
• Finder’s Fee: Mine Equities Ltd. received 503,971 common shares plus $55 cash.
• Hold Period: All shares issued (including finder’s fee shares) are subject to a lock‑up of four months and one day, expiring July 10 2026.
• Regulatory Condition: Placement remains subject to final acceptance by the TSX Venture Exchange.
• Securities Law Disclaimer: The release does not constitute an offer or solicitation in the United States; shares are not registered under U.S. securities laws.

Notable Quotes

(No executive quotes were provided in the release.)