Alabama Graphite raises $2.875 million in a private placement

Alabama Graphite announced the closing of a $2.875 million private placement. The company issues 14,375,000 units at $0.2 each, and each unit comprises of a common share and one-half of a common share purchase warrant ($0.35 exercise price).

The proceeds of this sale will be used for drilling, testing and assessments at its graphite mines and prospects, and in addition will be used for 'graphene initiatives'.

In March 2015, Alabama Graphite announced that it has found naturally occurring flake graphene at its Coosa Property in Alabama, USA. The company later declared that it has found additional types of naturally occurring graphene-based derivatives, namely few-layer graphene (2-5 layers), multi-layer graphene (2-10 layers), and graphite nanoplates (less than 100 nm thick) at the same property.

Posted: Jul 03,2015 by Ron Mertens