Canada's Northern Graphite files for IPO

TORONTO, Sep. 10, 2010 - Northern Graphite Corp., a junior miner with a project in northern Ontario, said on Friday it planned an initial public offering as it aims to become one of the region's first pure-play graphite miners.
Northern Graphite said in a statement it planned to raise as much as C$3 million ($2.9 million) in the IPO, selling up to 6 million shares at C$0.50 each.
Demand for graphite is rising as new applications emerge for the mineral, among them lithium ion batteries, fuel cells, nuclear and solar power, and semiconductors.
"The proceeds of the IPO will enable the company to continue advancing the Bissett Creek project toward a construction decision in 2011," Northern Graphite Chief Executive Gregory Bowes said in a statement.
"The proceeds will be used to complete ongoing infill and expansion drilling, metallurgical testing and a prefeasibility study by the end of 2010, as well as for general corporate purposes," he said.
The proposed IPO is being made through Union Securities Ltd.
($1=$1.03 Canadian)