Great Lakes Graphite Announces Closing and Over-subscription of Its Current Private Placement
July 11, 2014 (Source: Newsfile) — Great Lakes Graphite Inc. (TSXV: GLK) ( “Great Lakes” the “Company”), is pleased to announce that the Company has closed on the Second (and Final) Tranche of its previously announced private placement by issuing an additional 2,101,471 units at a price of $0.085 per unit for gross proceeds of $178,625.00. Each unit consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share at an exercise price of $0.11 for a period of two (2) years. Finder’s fees totaling $9,940.00 were paid and 116,941 finder’s warrants exercisable at $0.085 for a period of two (2) years were issued as part of this closing of the financing. The private placement is subject to final approval by the TSX Venture Exchange.
The closing of the First Tranche of the Offering (4,943,530 units) was announced by the Company on June 26, 2014. The gross proceeds received by the Company with respect to the two closings are $598,825, through the issuance of a total of 7,045,001 units.
Net Proceeds from the Offering will be used to fund exploration of the Company’s graphite projects in the Buckingham and Lochaber Townships of southwestern Québec and to develop additional graphite development opportunities.
All securities issued as per the transactions described herein will be subject to a hold period of four months plus one day.
About Great Lakes Graphite: Great Lakes Graphite is an industrial minerals company with the mandate to bring graphite projects to production through the acquisition and development of high quality graphite properties. Graphite has moved to the forefront of the Industrial Mineral World as a Critical Mineral required for industrial use and as a major component in the development of new technologies. With the advancement of battery storage, mobile battery systems and alternative energy infrastructure, it is estimated that 20 new graphite mines will be required to keep up with worldwide demand by the year 2020.
As there are currently no graphite mines producing in North America, Great Lakes Graphite has the ability to become one of the first producers to supply a growing regional customer base that requires high-quality, purified graphite, where pricing and demand continue to rise.
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The Company, through strategic acquisitions and capable management intends to become a leader in the industrial minerals marketplace. The Company’s graphite properties are located in the Buckingham and Lochaber Townships of southwestern Québec. The Company has also entered into option and joint-venture agreements with Eloro Resources Inc. on the Summit-Gaber property located in the La Grande Greenstone Belt in the James Bay region of Québec. Further information regarding Great Lakes can be found on the Company’s website at: www.GreatLakesGraphite.com.
Great Lakes Graphite Inc. trades under the symbol GLK on the TSX Venture Exchange and will have, upon final approval of the transaction considered herein, 50,569,820 shares outstanding (73,748,123 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>