A syndicate of agents-led by GMP Securities and including Dundee Securities has managed brokered portion of the offering.
Each of the shares was issued at a price of $0.14. Funds raised will also be used for general working capital purposes.
The graphite concentrate samples will be distributed to potential off-takers and graphite users.
Securities associated with the offering are subject to a minimum six-month hold period.
The offering is subject to final approval from the Toronto Stock Exchange.
The Molo graphite project is said to host NI 43-101 compliant measured resource of 23.62 million tons grading 6.32% carbon (C), an indicated resource of 76.75 million tons grading 6.25% C and an inferred resource of 40.91 million tons at 5.78% C, for a combined total of 141.28 million tons at 6.13% C.
