Focus Graphite Chairman Converts Final C$835,000 Loan Into 1.67 Million Shares at 11% Premium
Updated
Updated · Newsfile · Aug 18
Focus Graphite Chairman Converts Final C$835,000 Loan Into 1.67 Million Shares at 11% Premium
3 articles · Updated · Newsfile · Aug 18
Summary
C$835,000 of Focus Graphite debt will be eliminated after Chairman Jeff York agreed to convert the final balance of his shareholder loan into 1.67 million shares at C$0.50 each, subject to TSX Venture Exchange approval.
The C$0.50 conversion price is about 11% above Focus's C$0.45 close on Aug. 17, letting the company retire the obligation without cash repayment and preserve funds for development.
York's financing relationship with Focus dates to 2019 and 2020, when amounts due to his holding company reached roughly C$3.05 million before being reduced through earlier settlements and equity conversions.
The balance-sheet move comes a day after Ottawa named Focus's Lac Knife project for support under NRCan's First and Last Mile Fund, including pre-construction work on a transmission line and road link to Hydro-Québec.