OAKVILLE, ONTARIO--(Marketwire - Mar 6, 2013) - Canada Carbon Inc. (the "Company") (TSX VENTURE:CCB), (U7N1.F) announces that it has closed a non-brokered private placement (the "Private Placement") which raised gross proceeds of $500,000. Specifically, the Company issued 3,750,000 units ("Units") and 1,250,000 flow-through units ("Flow-Through Units"). Each Unit consists of one common share in the capital of the Company ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Flow-Through Unit consists of one flow-through Common Share in the capital of the Company and one (non flow-through) Warrant. Each Warrant is exercisable for the purchase of an additional Common Share for a period of two years from closing at $0.20 per Common Share.
12,000 finder''s warrants ("Finder Warrants") were issued and $1,200 in finder''s fees were paid in connection with the Private Placement. The Finder Warrants are exercisable at $0.10 for 2 years from Closing. In accordance with applicable securities legislation, the securities issued in the Private Placement are subject to a statutory hold period expiring on July 2, 2013.
The proceeds from the Private Placement will be used for property exploration and general corporate purposes.
ABOUT CANADA CARBON INC. (TSX VENTURE:CCB)
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).
On behalf of the Board of Directors
R. Bruce Duncan, Executive Chairman
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).
- Investment & Company Information
- private placement
R. Bruce Duncan