Northern Graphite completes $2 million flow-through share placement

Northern Graphite Corporation (TSXV: NGC) (OTCQB: NGPHF) completed a non-brokered private placement of 7,142,858 common shares on a flow-through basis at $0.28 per share, raising gross proceeds of $2 million.

The shares qualify as flow-through shares under Canada's Income Tax Act. The company will use proceeds to fund Canadian eligible resource exploration expenses, including drill programs at targets around its Lac des Iles mine in Quebec and at its Mousseau exploration project. The drilling aims to identify potential new sources of mill feed.

Northern Graphite paid a finder's fee to Mine Equities Ltd., consisting of 503,971 common shares and $55 in cash. The shares issued in the placement are subject to a four-month hold period expiring July 10, 2026.

The private placement remains subject to final acceptance by the TSX Venture Exchange. Northern Graphite operates the Lac des Iles graphite mine in Quebec and owns the Bissett Creek project in Ontario and the Okanjande mine in Namibia.

The information is based on a company press release statement.

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