First Canadian Graphite Inc. raises $3 million in funding

First Canadian Graphite Inc. plans to raise C$3 million through the issuance of 6,666,667 units at a price of C$0.45 each. Each unit comprises one common share and one-half of a warrant, exercisable at C$0.75 for two years. The financing will support working capital and the 20,000-meter drilling program, although adjustments may be made as needed.

CEO John LaGourgue anticipates that these funds will accelerate exploration at the Lac Guéret Sud site, which has high-grade graphite potential. Closing is contingent upon approval from the relevant authorities. The strategy aims for an initial estimate of mineral resources.