Focus Graphite closes first tranche of private placement on October 11

On October 11, 2024, Focus Graphite Inc. announced the successful closing of the first tranche of a non-brokered private placement, raising gross proceeds of $400,000. The company issued 5,333,336 units at a price of $0.075 per unit, with each unit comprising one common share and one non-transferable common share purchase warrant. The warrants allow holders to acquire additional shares at an exercise price of $0.10 for a period of 36 months. A finder's fee of $14,000 was paid, along with the issuance of 186,667 finders warrants, which also have a similar exercise price and duration. The financing is intended to support the company's ongoing operations and general working capital needs. The securities issued will be subject to a hold period of four months and one day, expiring on February 9, 2025. This strategic move aligns with Focus Graphite's broader goals of enhancing shareholder value and addressing stakeholder interests in Quebec, particularly in the production of value-added graphite products, including battery-grade spherical graphite. Focus Graphite also holds a significant equity position in Grafoid Inc., a developer of graphene applications. The company is actively exploring opportunities to expand its product offerings and capitalize on the growing demand for advanced materials in various industries, particularly in the context of the electric vehicle market. Overall, this financing initiative reflects the company's commitment to maintaining its operational capabilities while positioning itself for future growth in the graphite and graphene sectors.