TORONTO, ONTARIO--(Marketwired - Dec. 30, 2014) - Energizer Resources Inc. (TSX:EGZ)(OTCQX:ENZR)(WKN:A1CXW3) ("Energizer" or the "Company") announces it has closed a non-brokered private placement offering of 4,900,000 common shares ("Common Shares") of the Company (the "Offering") at an issue price of US$0.12 per Common Share for gross proceeds of US$588,000.
In connection with the Offering, the Company paid a cash commission of US$29,400 and issued 147,000 Finder's warrants. Each Finder's warrant entitles the holder to acquire one Common Share of Energizer at an exercise price of US$0.12 per share for a period of 24 months from the date of issuance.
The net proceeds from the Offering will be primarily used to fund the production of purified graphite concentrate samples from the Molo Project in Madagascar and also for general working capital purposes.
The purified samples are "earmarked" for distribution to off-take groups and end users of graphite who have requested such samples for their ongoing review in order to further discussions for potential off-take arrangements.
All securities issued in connection with the Offering will be subject to a minimum six-month hold period as required by U.S. securities laws, and will also be subject to a four-month hold period (which will run concurrently with the six-month hold period) as required by Canadian securities laws.
The Company may issue additional Common Shares in subsequent tranches pursuant to the Offering.
The Company has obtained conditional approval from the Toronto Stock Exchange (the "TSX") for the listing of all Common Shares issued pursuant to the Offering. The Offering is subject to receipt of final approval of the TSX.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.