Vancouver, B.C., November 12, 2012 - BIG NORTH GRAPHITE CORP. (TSX-V: NRT) (the "Company" or "Big North"), is pleased to announce that it has increased the size of its previously announced non-brokered private placement offering to up to 12,200,000 units (the "Units") at $0.07 per Unit for gross proceeds of up to $854,000. Each unit will consist of a common share and one half of one share purchase warrant, each warrant being exercisable to acquire an additional share at $0.12 for 2 years following the closing.
Net proceeds from the private placement will be applied towards advancement of the Company's mineral properties and for general working capital purposes.
The company will pay commissions and finders' fees of 7% in cash and 7% in finder warrants in connection with the financing. The finder warrants will have the same terms as the warrants forming part of the units.
About Big North Graphite Corp.:
Big North Graphite (NRT.V) is a graphite exploration and development company with exploration projects in Canada. Recently, the Company announced an LOI to acquire Grafito la Baranca SA de CV, which includes an interest in three past producing graphite mines in Sonora, Mexico, including the Nuevo San Pedro mine, which is currently in the process of being re-started.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This news release has been approved by the Board of Directors. For additional information please contact: Spiro Kletas, President & CEO, at +1-604-629-8220 or email@example.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
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