Financial Wire

Applied Graphite Technologies to Raise $575,000 Via Non-Brokered Private Placement; Update On Bullfrog Deal And Concurrent Financing

-- Applied Graphite Technologies (AGT.V) announced overnight Wednesday a non-brokered private placement of up to 5.75-million AGT common shares at $0.10 for gross proceeds of up to $575,000.

The company said the offering is scheduled to close on or about April 21, and is subject to AGT receiving all necessary regulatory approvals. Insider participation in the offering is anticipated.

Proceeds will be used for general working capital needs.

AGT also said that the prior announced deal with Bullfrog Gold Corporation, a private Canadian company, will be a Non-Arm's Length Transaction under TSXV policies as a certain officer of AGT is also an officer of Outcrop Silver & Gold Corporation (OCG.TO), a shareholder of Bullfrog.

The concurrent financing announced March 18, will close subject to and following disinterested shareholder approval and receipt of TSXV approval for the Bullfrog transaction.

Shares of the company closed unchanged at $0.095 on Wednesday on the TSX Venture Exchange.

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