Canada-based mining company Mason Graphite has raised C$5m ($4.75m) through private placement process to finance its planned exploration program on the Lac Guéret property located in northeastern Québec.

The company has issued 8,163,637 flow-through (FT) units and 1,020,000 hard dollar (HD) units and paid a consortium comprising Macquarie Capital Markets Canada, Marquest Asset Management and Stonecap Securities and co-led by Delano Capital and PowerOne Capital Markets.

Mason Graphite CEO Benoit Gascon stated: "With the proceeds of the Offering the Company is well positioned to complete its planned exploration program on the Lac Guéret property."

The company is keen to fund the exploration at its 100%-owned Lac Guéret graphite property through gross proceeds of the sale of the FT units, while credit raised through the sale of the HD units will be used for exploration expenses on the Lac Guéret property and for general corporate purposes.

Lac Guéret property housing a National Instrument 43-101 compliant mineral resource is said to feature 22 years of production of 27.4% carbonate graphite and a pre-tax internal rate of return of 33.7%, according to a preliminary economic assessment study.