First Canadian Graphite closes its flow-through financing

First Canadian Graphite Inc. (TSXV:FCI) has received conditional approval from the TSX Venture Exchange for $2 million in financing through the issuance of 3,448,276 flow-through common shares at $0.58 per share. This financing will support exploration activities at the Lac Guéret Sud project, located north-northwest of Baie-Comeau, Quebec.

The funds will be used for diamond stripping and drilling, totaling approximately 20,000 meters. Expenses incurred will be classified as "exploration expenses in Canada" under the Income Tax Act. A fee of $140,000 and 241,379 warrants will be paid to the broker.

The closing of the financing is subject to final approval by regulatory authorities. The issued shares will be subject to a four-month and one-day hold period.