IM Graphite News in Brief 25 September – 1 October

By Laura Syrett
Published: Thursday, 01 October 2015

Bass raises funds to progress StratMin deal; Hazer seeks to IPO on ASX; Alabama achieves high purities from Coosa ore.

UK-listed StratMin Global Resources Plc has said it has received £75,000 ($113,593*) in initial payments from Australia-based Bass Metals Ltd, which is in the process of acquiring a 25% stake in StratMin’s subsidiary, Graphmada Mauritius.

Bass is funding the purchase via a placement to investors and shareholders, at a 30% premium to Bass’ share price on the ASX.

The completion date for the deal has been extended to 21 October to accommodate settlement for Bass international investors. The company was trading at Australian dollar (A$) 0.01/share ($0.007/share) on 1 October.

In Australia, Hazer Group Ltd is seeking to list on the ASX as it progresses with the commercialisation of its technology for producing high purity synthetic graphite.

The technology, known as the "Hazer process", is touted as way of producing clean energy and was developed at the University of Western Australia using natural gas as a feedstock. According to Hazer, the graphite produced by the process is greater than 90% C (wt) and highly crystalline.

The Perth-based company, which was formed in 2010, has employed Mac Equity Partners to issue 25m shares at a price of A$0.20/share in a capital raising prior to listing later this year. Hazer is currently valued at around A$7m, according to the company’s managing director, Geoff Pocock.

In the US, Alabama Graphite Corp. has obtained purities of 99.99% C during preliminary tests on the purification of concentrates from the company’s Coosa graphite project in Alabama, US.

The company said it achieved the purities using a conventional, low-temperature thermal purification process at a North American metallurgical laboratory, which Alabama Graphite declined to name for commercial confidentiality reasons. The concentrates used were produced at SGS Mineral Services' Canadian facility in Lakefield, Ontario.

Alabama Graphite said it will now move forward with larger scale testing to optimise the purification process.

Elsewhere, ore from Canada Carbon Inc.’s Miller graphite project in Quebec has been selected to be fully characterised as a standard reference material for the chemical analysis of nuclear grade graphite, the company announced this week.

TSX-V-listed Canada Carbon said that its material, which it describes as "lump/vein type" graphite, had been chosen by the Subcommittee D02.F0 on Manufactured Carbon and Graphite Products of ASTM International – formerly known as the American Society for Testing Materials.

The committee is composed of international experts on speciality graphite and manufactured carbon materials and its current primary focus is on developing internationally recognised test methods for these products for use in nuclear and high-tech applications.

In financial news, Graphite One Resources Inc. has closed a non-brokered private placement for gross proceeds of around $1.36m.

Pursuant to the closing, Graphite One has issued 19.417m units at a price of Canadian dollar (C$) 0.07/unit ($0.05/unit). Each unit consists of one common share and one common share purchase warrant, entitling the holder to purchase one additional common share in the company at a price of C$0.10 for up to three years after the closing of the placement.

Net proceeds from the offering will be used for exploration and development of the company’s Graphite Creek project in Alaska, US.

*Conversions made October 2015



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