Northern Graphite raises $1.35 million in private placement

Northern Graphite Corporation (TSXV: NGC) completed a non-brokered private placement financing, issuing 10.8 million common shares at C$0.125 per share for gross proceeds of C$1.35 million.

The BMI Group served as the lead investor in the financing. This placement, combined with a previous October placement, completes a total C$2.2 million financing program that Northern disclosed in September.

The company will use the net proceeds to fund a feasibility study for its planned Battery Anode Material facility in Baie-Comeau, Quebec, and for working capital and corporate expenses.

"The participation of The BMI Group in this financing reflects confidence in Northern's assets and strategy and supports the advancement of battery anode material processing capabilities in Canada and North America," said Chief Executive Officer Hugues Jacquemin.

Northern and The BMI Group announced a partnership in April to evaluate establishing a battery anode material facility at a former paper mill site in Baie-Comeau. BMI is redeveloping the location as the Norderra multimodal industrial hub. The BMI Group previously led Northern's $1.4 million private placement completed in October.

The company paid finder's fees totaling $61,750 to Canaccord Genuity Corp. and 2401242 Ontario Inc. in connection with the placement. The shares are subject to a four-month hold period expiring April 20, 2026.

Northern operates the Lac des Iles mine in Quebec and describes itself as the only flake graphite producing company in North America. The company also owns the Bissett Creek project in Ontario and the Okanjande graphite mine in Namibia.

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