First Canadian Graphite closes oversubscribed financing

Vancouver-based First Canadian Graphite Inc. announced the successful closing of a financing round, oversubscribing by $1,843,088 to reach $4,843,088. This financing will allow the company to issue 10,762,417 units, each consisting of one common share and one-half of a warrant. The funds will be used for general working capital and diamond drilling initiatives totaling 20,000 meters.

Seven insiders contributed to this financing by subscribing to 890,000 units, thus falling under specific regulations. A brokerage fee in the form of cash and warrants was agreed upon. Closing remains subject to the necessary regulatory approvals.