LAS VEGAS, Oct. 18, 2012 /PRNewswire/ -- National Graphite Corp. (OTCBB: NGRC) is pleased to announce that it has entered into an equity financing agreement for up to $2,500,000 with a private investment group.
The Company will receive up to $2,500,000 by issuing restricted common shares. The Company can draw down the financing in tranches of $250,000 each. The price of the shares being issued will be determined by a 10% discount to the average daily trading price of the company's shares over the previous five day period.
"The Company is pleased with the financing agreement as these funds will allow us to accelerate the advancement of the Chedic Graphite Mine back into production," stated the President of the Company.
As part of the terms of the financing, management have agreed to cancel 8,000,000 of their common shares in order to minimize dilution as a result of this transaction.
To date, National Graphite Corp. has received an aggregate amount of over $1,000,000 from the issuance of common stock to investors who are "accredited investors," as defined under the Securities Act.
About National Graphite Corp.
National Graphite Corp. is an American based graphite development company focused on bringing the Chedic Graphite Mine back into commercial production to supply the fast growing graphite mineral market. The mineral is used in the manufacture of Lithium-ion batteries and is considered critical to U.S. industry sectors like Consumer Electronics, Green Technology and Alternative Energy. National Graphite is committed to long-term sustainable graphite production within North American.
For more information, visit our website at: nationalgraphitecorp.com. or Contact the Company at 1-702-839-4029
This information is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent with respect to any securities. Additional details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
"Safe Harbor" Statement:
Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Notice Regarding Forward Looking Statements -This press release includes forward-looking statements that involve a number of risks and uncertainties, including the success of the programs it is commercializing and developing. Further, the risks involve the ability of the Company to raise capital to fund its operations and the capital requirements for the development and marketing of its products. Investors are encouraged to review the risk factors listed or described from time to time in the Company's filings (10K, 10Q's, S-1 and others) with the Securities and Exchange Commission.
SOURCE National Graphite Corp.