CKR Carbon completes $1.76M private placement

CPE News

Toronto (pcJ News Briefs) – CKR Carbon Corporation (TSX-V: CKR; FSE: CB81; OTCPK: CBULF) has completed previously announced private placement of 15,045,000 units at CDN $0.09 per unit and 4,100,000 flow through (FT) shares at CDN $0.10 for FT share for aggregate gross proceeds of $1,764,050.

First Republic Capital Corporation acted as its exclusive lead agent.

Each unit is comprised of: one common share; and one common share purchase warrant, with each common share purchase warrant entitling the holder to purchase one additional common share at an exercise price of CDN $0.20 for a period of three years subject to accelerated expiry.

Net proceeds from the sale of the units will be used for ongoing underground drilling and sampling at the Aukam Graphite Mine in Namibia, remaining studies required for a mining permit application, construction of a pilot plant, and for working capital. Net proceeds from the sale of FT shares will be used for exploration of the company’s graphite projects in Quebec.

CKR has, through a binding Farm Out Agreement with Next Graphite Inc., an option to acquire 63% of the Aukam graphite project located on 34,082.15 hectares in southern Namibia close to the port city of Luderitz. It also has the option to buy an incremental 10% of Next’s remaining interest in the License subject to agreement by Next. CKR has acquired 52% of the project and expects to acquire the full 63% in the near future.