Vancouver, B.C., January 10, 2014 – BIG NORTH GRAPHITE CORP. (TSX-V: NRT) (the “Company” or “Big North“), is pleased to announce that it intends to complete a non-brokered private placement of up to 10,000,000 units (the “Units“) at a price of $0.06 per Unit, for gross proceeds of up to $600,000 (the “Offering“). Each Unit will consist of one common share (a “Share“) and one common share purchase warrant (a “Warrant“). Each Warrant will entitle the holder thereof to purchase one Share at an exercise price of $0.075 for a period of 24 months following the closing of the Offering.
Completion of the Offering is subject to receipt of all regulatory approvals, including the approval of the TSX Venture Exchange (the “TSXV“). All securities issued pursuant to the Offering will be subject to a statutory four month hold period under applicable securities laws.
Net proceeds from the Offering will be applied towards the acquisition of the El Tejon graphite mine in Oaxaca, Mexico (see December 19, 2013 press release) and for general working capital purposes.
In connection with the Offering, Big North may, subject to regulatory acceptance, pay a finder’s fee to certain arm’s length parties up to the maximum permitted under TSXV policies.
None of the securities issued in connection with the Offering will be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Big North Graphite Corp.
Big North is a graphite development and exploration company focused on select projects in Mexico and Canada. The Company acquired three past producing amorphous graphite mines in Sonora, Mexico and is working towards accelerating the restart of the Nuevo San Pedro amorphous graphite mine. Big North is currently in the Test Mining phase at Nuevo San Pedro and has completed four consecutive months of sales of amorphous graphite.
Big North has started the assembly of a processing plant that will be used for crushing, screening, sizing and drying of amorphous graphite to the specifications of future customers. Further, the Company has commenced a strategy of buying unprocessed amorphous graphite from local miners who do not possess the ability to process or ship to end users. Recently, Big North signed an LOI to acquire the El Tejon Flake Graphite Mine and Mill in Oaxaca, Mexico. Big North also owns high priority, large flake graphite exploration projects in Ontario and Quebec, Canada.
For further information please contact Spiro Kletas at (604) 629-8220.
ON BEHALF OF THE BOARD
(signed) “Spiro Kletas“
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
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