Great Lakes Graphite Announces Closing of Private Placement
April 10, 2015 (Source: Accesswire) — Great Lakes Graphite Inc. (TSX Venture: GLK) (PINKSHEETS: GLKIF) (8GL.F) (“GLK” or the “Company”) wishes to announce that it has closed on its non-brokered private placement, previously announced on March 4, 2015 (the “Offering”), by issuing 6,689,255 units (the “Units”) at a price of $0.05 per unit and 7,700,000 flow-through eligible units (the “Flow-Through Units”) at a price of $0.05 per unit for gross proceeds of $719,462.75.
Each Unit in the Offering consists of one common share of the Company and one common share-purchase warrant (the “Warrants”); each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $CDN 0.10 for a period of twenty-four (24) months after the closing of the Offering. Each Flow-Through Unit in the Offering consists of one flow-through eligible common share of Great Lakes and one common share-purchase warrant (the “FT Warrants”); each FT Warrant will entitle the holder to purchase one additional Great Lakes common share at a price of $CDN 0.10 for a period of twenty-four (24) months after the closing of the Offering.
Finder’s fees totaling $36,600 were paid and 732,000 finder’s warrants exercisable at $0.10 for a period of twenty-four (24) months were issued as part of the closing of the financing. The private placement is subject to final approval by the TSX Venture Exchange.
Net Proceeds from the Offering will be used to complete the NI 43-101 resource estimate that is nearing completion for the Lochaber Graphite property located in the Lochaber Township area of southwestern Québec and to conduct a bulk sampling program. Proceeds will also be used to initiate project work to recommission the Company’s leased graphite micronization facility in Matheson, Ontario.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focussed on bringing carbon products to a well defined market through a vertically integrated supply chain.
As there is currently no significant graphite production in North America, Great Lakes Graphite has the ability to become one of the first domestic suppliers to a growing regional customer base that requires high quality natural graphite, where pricing and demand continue to rise.
Get our daily investorintel update
The Company, through strategic acquisitions and capable management intends to become a leader in the industrial minerals marketplace.
The Company through its Innovations Division is currently recommissioning an Ontario based Micronization Facility for re-start in late 2015 to achieve the following objectives:
– Establish a position in the upgraded graphite products market with North American customers.
– Create a competitive and disruptive advantage by leveraging existing assets.
– Pursue an accelerated timeline to cash flow and revenue by micronizing and upgrading flake graphite, enabled by supply agreements with current graphite producers.
The Lochaber Graphite Deposit is located just 30km east of Ottawa, in southwestern Québec. The Company has also entered into option and joint venture agreements with Eloro Resources Inc.(TSXV: ELO) on the Summit-Gaber Cobalt property located in the La Grande Greenstone Belt in the Baie James region of Québec. Further information regarding Great Lakes can be found on the Company’s website at: www.GreatLakesGraphite.com.
Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and prior to the completion of this transaction has 81,314,820 shares outstanding (110,202,456 fully diluted).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>