E-Power Resources (CSE:EPR) has closed tranche two of a private placement, raising C$163,800 ($184,163), which will be used for general working capital purposes.
Under the placement, 3.276 million units of the company were issued in the second tranche at $0.05 per unit. Each unit comprised one common share in E-Power and one-half of a common share purchase warrant.
Each full warrant entitles its holder to acquire one additional common share at $0.10 per warrant share for a 60-month period from the closing date.
On 12 March, the Canadian mineral explorer announced the private placement, which included two insiders of the company participating.
Earlier this month, E-Power closed the first tranche of the placement which raised C$182,323.
The total amount raised under the private placement is C$346,123.
E-Power Resources is an exploration stage company engaged principally in the acquisition, exploration, and development of graphite properties in Québec.
Its flagship asset, the Tetepisca Graphite Property, is located in the Tetepisca Graphite District of the North Shore Region, some 215km from the Port of Baie-Comeau.
The property consists of 230 claims covering about 12,620 hectares within the Tetepisca Graphite District – an active graphite exploration and development district with defined measured and indicated resources in excess of 120 million tonnes at an average grade of about 14% graphitic carbon.
Write to Aaliyah Rogan at Mining.com.au
Images: E-Power Resources
