SOURCE: American Graphite Technologies Inc.
LAS VEGAS, NV--(Marketwired - Mar 21, 2014) - American Graphite Technologies Inc. ("AGIN" or the "Company") (OTCBB: AGIN) (BERLIN: A8G) (WKN:A1KBDQ/ISIN:US02640K1079) announces that on March 21, 2014, the Company closed a $300,000 unregistered offering of securities with three accredited investors. Palladium Capital Advisors LLC of New York, New York acted as the placement agent for the offering.
The offering was undertaken by way of a securities purchase agreement for 3,750,000 units at $0.08 per unit, each unit consisting of one share of common stock and one share purchase warrant entitling the holder to purchase one additional share of common stock at a price of $0.15 per share for a period of five years. The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration, under the Act.
"I am very pleased with the closing of the financing as it enables the Company to continue funding its projects," stated Rick Walchuk, CEO. "The Company's graphene (bucky) paper project, CTI Nanotechnologies, in Vermont is setting up its production line and research and development facilities in its new facility and hopes to be fully functional soon. Our 3D printing project in Ukraine is fully funded for the first year and research and development continues. I expect to have a exploration budget from our geologist, for our 100 graphite mining claims in Quebec, Canada, in the near term and anticipate to be on the property for initial exploration in the spring," further stated Mr. Walchuk.
For more information visit the website at www.americangraphitetech.com
Safe Harbor: Pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934, any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals and assumptions of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this release may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions such as "may," "could," or "might" occur. Such statements reflect the current views of CTI with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses and other factors. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. American Graphite Technologies Inc. does not undertake any responsibility to update the "forward-looking" statements contained in this news release.