Mason Graphite invested $700,000 in NanoXplore to acquire 40% interest in the graphene production developer (Image: NanoXplore Inc.)
Mason Graphite (LLG:TSXV) has announced the closing of its previously announced $700,000 equity financing which was announced in accordance with their 40% investment in NanoXplore Inc, the graphene producer. The offering was fully subscribed for by Mason's management as well as Forbes and Manahattan executives and was completed at a significant premium to the market price and without warrants. The offering was comprised of 875,000 common shares at a price of $0.80 per common share, representing a 16% premium to today's price of $0.69 per share.
NanoXplore has developed a proprietary system for converting natural large-flake graphite (what Mason’s Lac Gueret Project hosts) into graphene in a low cost, low energy, safe and scalable electrochemical conversion method.
Simon Marcotte, Vice President Corporate Development for Mason Graphite told me by phone this morning that "NanoXplore's proprietary technology offers a cost structure that could trigger the large-scale application of graphene on a global-scale. The technology has the potential to dramatically improve the economics of producing graphene which is roughly $250 per gram."
He tells me that the company's focus remains on being the lowest cost producer of graphite in the world and that the opportunity to have a call option on a technology like NanoXplore's was too good to pass up.
"After meeting the NanoXplore team, we knew we had to invest," Simon continued.
Mason is working to complete a feasibility study for their Lac Gueret project which he expects should see their already modest $90 million capex reduced. He also expects improvements on the operating cost side. They are working with a number of groups to finalize a financing package to develop the Lac Gueret mine and mill which he expects to announce within the first half of 2014.
Shares in Mason Graphite are up nearly 100% in the past 3 months on the back of the company delivering an updated resource estimate which saw measured and indicated resources jump by over 650%.
Here's the 3 month chart:
Read: Mason Graphite Closes Private Placement Financing
Related: Mason Graphite to Acquire 40% of Private Graphene Producer, NanoXplore Inc. for $700,000
Also, for anyone in Toronto this evening, Mason Graphite will be making a presentation TONIGHT. Details below:
Time: 05:00 PM EST
Place: Ivey ING Direct Leadership Centre
130 King Street West (First Canadian Place), Ground Floor
Toronto, ON
M5X 1A9
For more information, visit their website at www.masongraphite.com.
Disclaimer: Mason Graphite Inc. is our client and the author owns shares in the company, therefore the article is biased. Please read Mason Graphite Inc.’s Cautionary Statement Regarding Forward-Looking Statements’s carefully.
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