Big North Announces Closing of Offering of Convertible Notes
09 Enero 2014 - 4:43PM
Access Wire
Vancouver, B.C., January 9, 2014 - BIG NORTH GRAPHITE CORP. (TSX-V: NRT)
(the "Company" or
"Big North"), announces that
further to the Company's press release of December 31, 2013 it has
closed a non-brokered private placement (the "Offering") of $250,000 aggregate
principal amount of unsecured convertible notes (the "Notes"). The Notes mature on January 9,
2015 and are convertible into units of the Company (the
"Units") at a price of $0.05
per Unit at the holder's option.
Each Unit consists of
one common share in the capital of the Company (the
"Shares") and one common share purchase warrant (the
"Warrants"). Each Warrant is exercisable to acquire an additional Share
at $0.05 until January 9, 2015. The Notes bear interest at
10% per annum, calculated and paid semi-annually.
Upon conversion of the entire
principal amount of the Notes, any accrued and unpaid interest will
be paid in Shares at a deemed price equal to the greater of (i) the
last closing price of the Shares on the TSX Venture Exchange (the
"TSX-V") (or other Canadian
stock exchange on which the Shares are listed) on the date of the
conversion, and (ii) $0.05 per Share. In the event that only part
of the principal amount of the Notes is converted into Shares, any
accrued and unpaid interest will remain payable on the date of
maturity.
All securities issued in connection
with the Offering are subject to a statutory hold period expiring
May 10, 2014 in accordance with applicable securities legislation.
The net proceeds from the Offering will be used by the Company for
general working capital. The Offering remains subject to final
acceptance by the TSX-V.
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 state in which such offer, solicitation or sale would be
unlawful. The securities issued, or to be issued, under the
Offering have not been, and will not be, registered under the
United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
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"
Spiro
Kletas
President and Chief Executive
Officer
Facebook: https://www.facebook.com/bignorthgraphite
Twitter: https://twitter.com/NRTgraphite
YouTube: http://www.youtube.com/bignorthgraphite
Flicker: http://www.flickr.com/photos/bignorthgraphite
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.
NOT
FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR
DISSEMINATION IN THE UNITED STATES
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