First Canadian Graphite Secures Over-Subscribed Financing

First Canadian Graphite Inc. has successfully closed a financing round, securing $4,843,088, surpassing the initial target by over $1.8 million. The company, listed on TSXV and OTCQB, plans to issue 10,762,417 units at $0.45 each. Each unit comprises one common share and a half-warrant, exercisable for two years at $0.75, with an acceleration clause.

The funds will support general working capital and a 20,000-meter drilling program. The company notes potential fund reallocation based on business needs. Participation by seven insiders is considered a related party transaction under MI 61-101, exempt from formal requirements as their involvement does not surpass 25% of the company's market cap.

A finder's fee and warrants have been agreed upon. Regulatory approvals, including from the TSX Venture Exchange, are pending. Securities issued will have a holding period in compliance with applicable laws.