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Mason Graphite raising C$45M for Lac Gueret project, general working capital

Mason Graphite Inc. is raising C$45 million for the development of its Lac Gueret graphite project and the Baie-Comeau concentrator plant in Quebec as well as for general working capital.

The company said Dec. 12 that it signed an agreement with a syndicate of underwriters led by National Bank Financial Inc. for a bought-deal offering of 18,750,000 common shares at C$2.40 apiece.

Gross proceeds could increase to C$51.8 million should the underwriters exercise an overallotment option for up to 2,812,500 additional shares at the same price. The option is exercisable at any time up to 48 hours before closing, which is anticipated on or around Jan. 4, 2018.

Mason Graphite said its Lac Gueret mine and Baie-Comeau concentrator project has CapEx budgeted at C$200 million.