Update: First Canadian Graphite Inc. - Private Placement Closing 1st Tranche

Core Points - First Canadian Graphite Inc. is proceeding to apply for the closing of a first tranche of financing amounting to $169,800, issuing 2,122,500 units at $0.08 per unit, with each unit consisting of one common share and one warrant exercisable at $0.10 for three years [1] - The proceeds from the private placement will be utilized for working capital, and a cash finder's fee of $2,820 will be paid [1] - The closing of the financing is contingent upon receiving all necessary regulatory approvals, including from the TSX Venture Exchange [2] Company Participation - An insider of the Company subscribed for a total of 312,000 units, which is classified as a "related party transaction" under Multilateral Instrument 61-101 [5] - This insider's participation is exempt from formal valuation and minority shareholder approval requirements as the value does not exceed 25% of the Company's market capitalization [5] - The Company did not file a material change report 21 days prior to the closing date due to the unknown details of the insider's participation at that time [5] Acquisition Details - Dal Stuart Brynelsen, the Acquiror, subscribed for 312,500 units at $0.08, increasing his total holdings to approximately 12.60% of the Company's issued and outstanding common shares [6] - If the Acquiror exercises his warrants, he would hold approximately 22.15% of the issued and outstanding shares on a partially diluted basis [6] - The units were acquired for investment purposes, and the Acquiror may adjust his holdings in the future based on market conditions [7] Reporting Obligations - The Acquiror will file an early warning report with the applicable securities regulatory authorities regarding the transaction [8]