Big North Graphite Corp. announced gross proceeds of Can$180,000 at the closing of its first round of private offering. The private placement, which was announced last June 6, resulted in a total issuance of 3,600,000 units.

A unit included a common share and a common share purchase warrant, which entitled the holder a share acquisition price of Can$0.10 per share up to two years after the private offering's closing.

However, a holding period of four months, ending on November 4, 2013, covered all securities connected with the private placement in accordance with applicable Canadian securities laws. The private offering was pending TSX Venture Exchange's final acceptance.

For the private offering, the company used finders who were paid a 7% cash commission. The company paid a total of Can$5,950 cash commissions, with 119,000 Finder's Warrants issued to Leede Financial Markets Inc. and RAMPartners SA.

Net proceeds from the offering would be included in the Big North Graphite Corp.'s working capital. Specifically, proceeds would be used to advance Big North's La Barranca properties including a restart of the mine in Nuevo San Pedro, Sonora, Mexico.