Big North Closes Private Placement
15 March 2014 - 12:01AM
Access Wire
Vancouver, B.C. / ACCESSWIRE
/ March 14, 2014
/ BIG NORTH GRAPHITE CORP. (TSX-V:
NRT) (the "Company" or
"Big
North"), announces
that, further to its news releases of January 10, February 24 and
March 13, 2014, the Company has closed on a total of 13,333,333
units (the "Units") at $0.06 per Unit for aggregate gross proceeds
of $800,000. The final tranche closed on March 13, 2014 and
consisted of 8,275,001 Units for gross proceeds of $496,500 (the
"Offering").
Each Unit consists of a common
share in the capital of the Company (a "Share") and one common share purchase
warrant (a "Warrant"). Each Warrant entitles the holder to acquire one
Share at a price of $0.075 per Share for
two years following the closing of the
Offering.
As announced on February 24, 2014, the
Company closed the first tranche of the Offering for a total of
5,058,332 Units for gross proceeds of $303,500.
All securities issued in connection
with the second tranche of the Offering will be subject to a four
month hold period expiring on July 14, 2014, in accordance with applicable Canadian securities
laws. Net proceeds from the Offering will be applied towards the acquisition of the El Tejon
graphite mine in Oaxaca, Mexico (see December 19, 2013 news
release) and for general working capital purposes. The Offering
remains subject to final
acceptance by the TSX Venture Exchange.
About Big North
Graphite Corp.:
Big North is a graphite development and
exploration company focused on select projects in Mexico and
Canada. The Company acquired three past producing amorphous
graphite mines in Sonora, Mexico and is working towards
accelerating the restart of the Nuevo San Pedro amorphous graphite
mine. Big North is currently in the Test Mining phase at Nuevo San
Pedro and has completed sales of amorphous graphite totaling 760
tons to date.
Big North Graphite recently announced the acquisition of the
past producing El Tejon flake graphite mine and mill in Oaxaca,
Mexico. Big North is poised to capitalize on the increasing
strategic demand for graphite throughout the world, a demand that
is being driven by the growth in new, green technologies including
the lithium ion batteries that are being used in hybrid and fully
electric vehicles.
Big North also owns high priority, large flake graphite
exploration projects in Ontario and Quebec, Canada.
This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any state in which
such offer, solicitation or sale would be unlawful. The securities
have not been registered under the United States Securities Act of
1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
This
news release has been approved by the Board of Directors. For
additional information please contact: Spiro Kletas, President
& CEO, at +1-604-629-8220 or spiro@bignorthgraphite.com
ON BEHALF OF THE BOARD
"Spiro Kletas"
Spiro Kletas
President and
Chief Executive Officer
Facebook: https://www.facebook.com/bignorthgraphite
Twitter: https://twitter.com/NRTgraphite
YouTube: http://www.youtube.com/bignorthgraphite
Flicker: http://www.flickr.com/photos/bignorthgraphite
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Except for
historical information contained herein, this news release contains
forward-looking statements that involve risks and uncertainties.
Actual results may differ materially. Except as required pursuant
to applicable securities laws, the Company will not update these
forward-looking statements to reflect events or circumstances after
the date hereof. More detailed information about potential factors
that could affect financial results is included in the documents
filed from time to time with the Canadian securities regulatory
authorities by the Company.
NOT FOR DISTRIBUTION TO UNITED STATES
NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
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