On May 10, 2017, Alabama Graphite Corp. (TSXV: CSPG) (OTCQB: CSPGF) (FRANKFURT: 1AG) announced that it had closed a non-brokered private placement of units. Each unit was comprised of one common share and one warrant. The Company raised approximately $1,326,000 through the issuance of 8,840,000 Units.
The Company intends to use the net proceeds of the Private Placement for working capital and for the production of Coated Spherical Purified Graphite engineered for use in lithium-ion (“Li-ion”) battery anodes and Delaminated Expanded Graphite engineered for use as a conductivity enhancement diluent in Li-ion battery cathodes.
Alabama Graphite Corp. is a Canadian-based flake graphite exploration and development company as well as an aspiring battery materials production and technology company. In addition to downstream battery material processing and technology achievements, the Company is focused on the exploration and development of its 100%-owned flagship Coosa Graphite Project in Coosa County, Alabama.
Geoff Clarke, Jonathan Tong and Luigi Valente of Miller Thomson advised Alabama Graphite with respect to this private placement.