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SRG Graphite raises C$11.2M after targeting C$10M

SRG Graphite Inc. raised C$9.2 million from its public offering targeting C$8 million, after the syndicate of underwriters fully exercised an overallotment option for an additional 800,000 units.

Along with a concurrent private placement with Coris Capital SA, the company raised aggregate gross proceeds of C$11.2 million, according to a June 15 statement.

In early May, SRG Graphite outlined plans to raise up to C$10 million to advance its Lola graphite project and its Gogota cobalt-nickel-scandium project, both in Guinea.

The company is planning further regional exploration and infill drilling at Lola and continued exploration at Gogota.

SRG Graphite was formed through a 2016 deal between Sama Resources Inc. and Section Rouge Media Inc., with Sama Resources holding a 40.1% interest in the company as of April.