Green Battery Minerals Inc (CVE:GEM) announced it had received final approval from the TSX Venture Exchange to close its C$2.1 million financing for a planned drill program at its Berkwood graphite project in Quebec.
A total of 10,565,000 units were subscribed at $0.20 each, consisting of one common share and one warrant exercisable for two years at $0.50 for aggregate gross proceeds of $2,113,000.
The Canadian company said it plans to use the funds for a potential “major” drill program at Berkwood that could expand mine life from 15 years to 25 years.
READ: Green Battery Minerals to seek TSX Venture Exchange approval to close $2.1M private placement
Additional funds will go towards an impact assessment report and pursuing commercial arrangements with major graphite consumers, according to a statement.
The company also said it has agreed to pay commissions of 8% in cash and 8% in warrants and that insiders have participated as to 200,000 units, or $40,000.
The Berkwood Graphite East Block consists of 38 claims covering 2,052 hectares prospective for graphite. Green Battery Minerals holds a 100% interest in the property, as well as an option to earn a 100%-interest in the Berkwood Graphite South Block, which consists of 106 claims totalling 5,714 hectares.
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