Northern Graphite Announces Closing of Flow Through Share Private Placement

Core Viewpoint - Northern Graphite Corporation has successfully completed a non-brokered private placement of 7,142,858 common shares at a price of $0.28 per share, raising gross proceeds of $2,000,000 to fund exploration activities [1][2]. Group 1: Private Placement Details - The common shares issued qualify as "flow-through shares" under the Canadian Income Tax Act, allowing the proceeds to be used for eligible resource exploration expenses [2]. - The funds will be allocated to a drill program targeting potential new sources of mill feed around the Lac des Iles mine in Quebec and at the Mousseau exploration project [2]. - A finders' fee was paid to Mine Equities Ltd., consisting of 503,971 common shares and $55 in cash, with a hold period of four months and one day for the shares issued [3]. Group 2: Company Overview - Northern Graphite is the only flake graphite producer in North America, focusing on becoming a leader in natural graphite production and high-value products for the green economy, including battery materials [5]. - The company operates the Lac des Iles mine in Quebec, which is increasing output to meet rising demand from industrial customers and North American battery manufacturers [6]. - Northern also owns the advanced Bissett Creek graphite project in Ontario and the Okanjande graphite mine in Namibia, which is currently on care and maintenance, representing a potential for increased production at lower costs [6].