Applied Graphite Technologies Corporation (TSX-V:AGT) has closed a non-brokered private placement with a strategic investor to advance its Queens Mine Complex graphite operation in Sri Lanka.
The company issued two million common shares at $0.15 per share for gross proceeds of $300,000.
The funds raised will be allocated to the exploration of the Queens Mine Complex graphite project in Sri Lanka and for general working capital.
CEO Don Baxter commented: "I am pleased with the increased awareness of graphite as a critical material for lithium-ion batteries, and in particular, the interest in AGT's natural, high-grade, vein graphite properties in Sri Lanka."
AGT is developing the Queens Mine Complex, which is located on private land within Sri Lanka's vein graphite district.
Vein graphite, known for its high carbon content of over 95%, does not require primary processing and has shown superior performance in lithium-ion battery anodes compared to synthetic graphite.
Additionally, natural vein graphite boasts a better environmental, social, and governance (ESG) footprint and is more cost-effective without compromising performance.