Canada Carbon Inc Announces Planned Private Placement
OAKVILLE, ONTARIO -- (Marketwire) -- 01/21/13 -- Canada Carbon Inc.
(formerly Bolero Resources Corp.) (the "Company") (TSX VENTURE:CCB),
(FRANKFURT:U7N1) announces its intention to complete a non-brokered
private placement (the "Private Placement") of up to an aggregate of
5,000,000 units ("Units") at $0.10 per Unit for gross proceeds of up
to $500,000. Each Unit will consist of one Common Share and one
Common Share purchase warrant ("Warrant"). Each Warrant will entitle
the subscriber to acquire one additional Common Share of the Company
for a period of two years from closing at $0.20 per Common Share.
The Private Placement is subject to certain customary conditions,
including, but not limited to, the execution of definitive
subscription agreements with subscribers, and the receipt of all
necessary regulatory approvals, including the approval of the TSX
Venture Exchange. Closing of the Private Placement is anticipated to
occur in one or more tranches, with the first tranche anticipated to
close on or about January 24, 2013. All securities issued in
connection with the Private Placement will be subject to a statutory
hold period of four months plus one day from the date of completion
of the Private Placement, in accordance with applicable securities
It is currently anticipated that certain insiders of the Company will
be participating for greater than 25% of the Private Placement. The
net proceeds from the Private Placement will be used primarily for
general working capital.
ABOUT CANADA CARBON INC.
Canada Carbon is a carbon sciences company - our goal is to be an
efficient graphite mining, sales and production company. We are
trying to achieve this by deploying proprietary technologies in our
post mining and pre-milling air classification systems, sound
environmental policies, best practices companywide and employing the
best people available to us. Together, our goals will be realized by
being customer centric and using leading edge technologies.
Canada Carbon holds 100% interest in five graphite properties: The
Asbury, Miller, Walker, Dun Raven and Maria. The Asbury Mine is
located north of the Ottawa-Gatineau area. The open pit mine and mill
were in operation from 1980 to 1989 where a total of less than 70,000
tons were processed. The Miller mine is located northeast of Ottawa
in Grenville Township. This mine was worked around 1845 and was
probably the first graphite operation in Canada. It is reported that
25 cars of lump graphite were shipped from this deposit in the 1900s.
The Walker Mine is a past producer with about 816 tons of graphite
extracted from the mine between 1876 and 1920. The mine is located
northwest of Buckingham, in Buckingham Township. The Dun Raven
graphite deposit is easily accessible a few hours west of Montreal,
in Thorne Township. The Maria Graphite Project is located in Maria
Township, south of the community of Bissett Creek on the Trans Canada
Highway between the cities of Ottawa and North Bay, Ontario. These
claims surround and are contiguous to Northern Graphite's Bissett
Creek graphite deposit. Northern Graphite recently reported the
extraction of very large high purity flake graphite consistent across
the entire resource with overall recovery rates of 97%. (NGC.V News
FORWARD LOOKING STATEMENTS: This news release contains
forward-looking statements, which relate to future events or future
performance and reflect management's current expectations and
assumptions. Such forward-looking statements reflect management's
current beliefs and are based on assumptions made by and information
currently available to the Company. Investors are cautioned that
these forward looking statements are neither promises nor guarantees,
and are subject to risks and uncertainties that may cause future
results to differ materially from those expected. These
forward-looking statements are made as of the date hereof and, except
as required under applicable securities legislation, the Company does
not assume any obligation to update or revise them to reflect new
events or circumstances.
All of the forward-looking statements made in this press release are
qualified by these cautionary statements and by those made in our
filings with SEDAR in Canada (available at www.sedar.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."
Canada Carbon Inc.
Chief Executive Officer
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