northern graphite ipo

There are only 2 commercial graphite deposits being developed in Canada. One is Focus Metals (FMS-vc), up 500% since IPOing in August. The other is Northern Graphite
which is set to IPO in February.

I spoke to the president of Northern Graphite today and was told the IPO is already over subscribed. I learned, however, that the company is 51% owned by Industrial Minerals Inc. (symbol in US is IDSM, symbol on ASX is IDM) The market cap of IDM is about 7 million dollars. I was also told, though not decided yet, that IDM's Northern Graphite shares may be spun off to their shareholders.