Northern Graphite Closes Private Placement Financing

February 12, 2021 – Northern Graphite Corporation (“Northern” or the “Company”) (NGC:TSX-V, NGPHF:OTCQB) announces that its non-brokered private placement consisting of 10,688,000 units at a price of $0.28 per unit for gross proceeds of approximately $3 million has closed. Each unit is comprised of one common share and one half of one share purchase warrant with each full warrant entitling the holder to purchase one common share at a price of $0.45 for a period of two years. Finders fees associated with the private placement totalled $153,888. All securities issued under the placement will be subject to a four month hold period from the date of closing. The placement is subject to final approval by the TSX Venture Exchange.

 

It is anticipated that the net proceeds of the placement will be used to continue development of value-added products for use in lithium-ion batteries, electric vehicles, fuel cells, graphene and other advanced technologies, to finalize operational permitting for the Bissett Creek project, and for working capital and general corporate purposes.

 

About Northern Graphite

 

Northern Graphite is a mineral development and technology company focussed on developing its Bissett Creek graphite deposit and upgrading mine concentrates into high value components used in lithium-ion batteries, electric vehicles, fuel cells, graphene and other advanced technologies. An independent study estimates that Bissett Creek will have the highest margin of any existing or proposed graphite deposit. This is due to its very favorable location, simple metallurgy and the high quality of its concentrates which provides the Company with a competitive advantage in manufacturing products that enable the green economy. Graphite requires the largest production increase of any battery mineral to meet this demand. For more information please go to: http://www.northerngraphite.com/media/media-coverage/

 

Bissett Creek is an advanced stage project with a Feasibility Study and its major mining permit which puts the Company in position to make a construction decision, subject to financing. The Project is located in the southern part of Canada close to the Trans-Canada highway and has ready access to labour, supplies, equipment, natural gas and markets.

 

For additional information, please contact:

 

Gregory Bowes, CEO

(613) 241-9959