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Mason Graphite Inc Closes $5 Million Private Placement Financing


Friday, 28 Jun 2013 05:08pm EDT 

Mason Graphite Inc announced that it has closed its previously announced brokered private placement offering of flow-through units (the FT Units) at a price $0.55 per FT Unit and hard dollar units (the HD Units) at a price of $0.50 per HD Unit. The Company issued 8,163,637 FT Units and 1,020,000 HD Units for aggregate gross proceeds of CAD5 million (the Offering). Each FT Unit consists of one flow-through common share of the Company and one-half of one non flow-through common share purchase warrant (a Warrant). Each HD Unit consists of one common share of the Company and one-half of one Warrant. Each whole Warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.60 for a period of 24 months following the closing date of the Offering. The Company intends to use the gross proceeds of the sale of the FT Units to incur Canadian exploration expenses (as defined in the Income Tax Act (Canada)) for the Company's 100%-owned Lac Guéret graphite property in northeastern Quebec, which expenses will be renounced for the 2013 taxation year. The net proceeds of the sale of the HD Units will be used for exploration expenses on the Lac Guéret property and for general corporate purposes. 

Company Quote

0.79
-0.01 -1.25%
12:35pm EDT