First Canadian Graphite said on 21 October that it intends to raise C$3 million by issuing 6,666,667 units at C$0.45 each. Each unit would include one common share and half of a warrant exercisable at C$0.75 for two years. The financing had not closed when announced and remained subject to exchange and other required approvals. If the shares trade on the TSX Venture Exchange at or above C$1.10 for 10 consecutive days, the company may give written notice shortening the remaining warrant exercise period to no less than 30 days.

The company said proceeds would support working capital and planned stripping and an anticipated 20,000-metre diamond-drilling program at Lac Guéret South in Quebec’s Côte-Nord region. The financing and program are proposals; the release does not say that drilling has begun or that a mineral resource estimate is complete.