E-Power Resources (CSE:EPR) is ready to advance its flagship Tetepisca graphite property after closing its oversubscribed hard-dollar and flow-through private placements.
Each unit issued in the hard-dollar placement offers holders one share in the company’s capital as well as one-half purchase warrant, issued at a price of $0.05 per unit for gross proceeds of $92,000.
The flow-through placement delegated 3.4 million units at the same issue price for gross proceeds of $170,000, under the same unit stipulations as the hard-dollar placement.
Warrant holders are entitled to acquire one share at a price of $0.10 for a period of 60 months from the closing date.
As reported by Mining.com.au recently, the funds raised from the flow-through placement will be allocated to advancing expeditions at Tetepisca amid a global demand for graphite, which expects a compound annual growth rate of 6.9% to US$13.35 billion ($20.53 billion) by 2032.
Located in the North Shore Region of Québec, the Tetespica property holds 230 claims across 12,620 hectares.
E-Power Resources, which has a market capitalisation of C$2.65 million ($3 million) is a Canadian explorer focused on the development of graphite for the emerging electric vehicle market.
Write to Maddison Elliott at Mining.com.au
Images: E-Power Resources
