Mason Graphite, a Canadian mining company focused on the exploration and development of its 100%-owned Lac Gueret graphite project, announced that it closed a $28.8 million private placement.
The proceedings of this offering will be mostly used to fund the development of the Lac Gueret graphite mine - but around $1 million CAD will also be used to increase Mason Graphite's equity in Group NanoXplore.
In January 2014, Mason Graphite acquired 40% of NanoXplore. This was later diluted to 31%. Mason Graphite is a public company, trading in the Toronto stock exchange (ticker: LLG).