OAKVILLE, ONTARIO--(Marketwire - Jan 21, 2013) - Canada Carbon Inc. (formerly Bolero Resources Corp.) (the "Company") (TSX VENTURE:CCB), (U7N1.F) announces its intention to complete a non-brokered private placement (the "Private Placement") of up to an aggregate of 5,000,000 units ("Units") at $0.10 per Unit for gross proceeds of up to $500,000. Each Unit will consist of one Common Share and one Common Share purchase warrant ("Warrant"). Each Warrant will entitle the subscriber to acquire one additional Common Share of the Company for a period of two years from closing at $0.20 per Common Share.
The Private Placement is subject to certain customary conditions, including, but not limited to, the execution of definitive subscription agreements with subscribers, and the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. Closing of the Private Placement is anticipated to occur in one or more tranches, with the first tranche anticipated to close on or about January 24, 2013. All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months plus one day from the date of completion of the Private Placement, in accordance with applicable securities legislation.
It is currently anticipated that certain insiders of the Company will be participating for greater than 25% of the Private Placement. The net proceeds from the Private Placement will be used primarily for general working capital.
ABOUT CANADA CARBON INC.
Canada Carbon is a carbon sciences company - our goal is to be an efficient graphite mining, sales and production company. We are trying to achieve this by deploying proprietary technologies in our post mining and pre-milling air classification systems, sound environmental policies, best practices companywide and employing the best people available to us. Together, our goals will be realized by being customer centric and using leading edge technologies.
Canada Carbon holds 100% interest in five graphite properties: The Asbury, Miller, Walker, Dun Raven and Maria. The Asbury Mine is located north of the Ottawa-Gatineau area. The open pit mine and mill were in operation from 1980 to 1989 where a total of less than 70,000 tons were processed. The Miller mine is located northeast of Ottawa in Grenville Township. This mine was worked around 1845 and was probably the first graphite operation in Canada. It is reported that 25 cars of lump graphite were shipped from this deposit in the 1900s. The Walker Mine is a past producer with about 816 tons of graphite extracted from the mine between 1876 and 1920. The mine is located northwest of Buckingham, in Buckingham Township. The Dun Raven graphite deposit is easily accessible a few hours west of Montreal, in Thorne Township. The Maria Graphite Project is located in Maria Township, south of the community of Bissett Creek on the Trans Canada Highway between the cities of Ottawa and North Bay, Ontario. These claims surround and are contiguous to Northern Graphite''s Bissett Creek graphite deposit. Northern Graphite recently reported the extraction of very large high purity flake graphite consistent across the entire resource with overall recovery rates of 97%. (NGC.V News Release 23/04/2012).
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management''s current expectations and assumptions. Such forward-looking statements reflect management''s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.
All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).