Northern Graphite Increases Size of Non- Brokered Private Placement
Northern Graphite Increases Size of Non-
Brokered Private Placement
Ottawa, Ontario--(Newsfile Corp. - January 28, 2021) - Northern Graphite Corporation
(TSXV: NGC)
(OTCQB: NGPHF)
("Northern" or the "Company") announces that due to investor demand, the
Company is increasing the size of its previously announced non-brokered private placement to
10,690,000 units at a price of $0.28 per unit for gross proceeds of approximately $3 million, which
represents an increase of approximately $200,000.
Each unit is comprised of one common share and
one half of one share purchase warrant with each full warrant entitling the holder to purchase one
common share at a price of $0.45 for a period of two years. All securities to be issued under the
placement will be subject to a four month hold period from the date of closing.
The placement is subject
to approval by the TSX Venture Exchange.
Finder's fees of up to 6% of subscription amounts may be
paid in cash on all or any portion of the funds raised pursuant to the placement.
This press release is for informational purposes only and shall not be constituted as an offer to sell or
the solicitation of an offer to buy the units nor shall there be any sale of the units in any jurisdiction in
which such sale would be unlawful.
About Northern Graphite
Northern owns 100% of the Bissett Creek graphite deposit which is located in the southern part of
Canada between the cities of North Bay and Ottawa, and 15 km from the Trans-Canada highway.
It has
the benefit of ready access to labour, supplies, equipment, natural gas and concentrate transportation.
Bissett Creek is an advanced stage project with a Feasibility Study and its major mining permit.
Operational permitting is well advanced and the Company is in a position to make a construction
decision subject to full project financing.
An independent study estimated that Bissett Creek will have the highest margin of any existing or
proposed graphite deposit. This is due to simple metallurgy, the high purity, large flake nature of its
concentrates and the very favorable location. These factors enable the Company to start with a project
that has a realistic production rate relative to the size of the existing market, a reasonable capital cost
and is economic at current prices.
Substantial measured and indicated resources that have already
been drilled off and the Company intends to expand production as the market grows.
Qualified Person
Gregory Bowes, B.Sc. MBA, P. Geo., a Qualified Person as defined under National Instrument 43-101,
has reviewed and is responsible for the technical information in this news release.
For additional information, please contact:
Gregory Bowes, CEO
(613) 241-9959
This news release contains certain "forward-looking statements" within the meaning of applicable
Canadian securities laws. Forward-looking statements and information are frequently characterized by
words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential",
"possible" and other similar words, or statements that certain events or conditions "may", "will",
"could", or "should" occur. Forward-looking statements in this release include statements regarding,
among others; the conduct of the private placement and the increase thereto.
All such forward-looking
statements are based on assumptions and analyses made by management based on their
experience and perception of historical trends, current conditions and expected future developments,
as well as other factors they believe are appropriate in the circumstances. However, these statements
are subject to a variety of risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected including, but not limited to, unexpected changes in
laws, rules or regulations, or their enforcement by applicable authorities; the failure of other parties to
perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or
inadequacy of infrastructure and the failure of ongoing and contemplated studies to deliver
anticipated results or results that would justify and support continued studies, development or
operations. Readers are cautioned not to place undue reliance on forward-looking information or
statements.
Although the forward-looking statements contained in this news release are based on what
management believes are reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with them. These forward-looking statements are made as of the date
of this news release and are expressly qualified in their entirety by this cautionary statement. Subject
to applicable securities laws, the Company does not assume any obligation to update or revise the
forward-looking statements contained herein to reflect events or circumstances occurring after the
date of this news release.
Neither the 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/73096