Great Lakes Graphite Provides Clarification Regarding First Tranche of Private Placement
November 13, 2014 (Source: Newsfile) — Great Lakes Graphite Inc. (TSXV: GLK) (“Great Lakes” the “Company”) wishes to provide clarification regarding its news release of November 11, 2013. On that date, the Company announced that it had closed on the first tranche of a previously announced private placement (the “Offering”) and specified “units” instead of “flow-through units”. The corrected paragraph follows:
The Company issued 7,750,000 flow-through units at a price of $0.10 per unit for gross proceeds of $775,000.00. Each flow-through unit consists of one flow-through eligible common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share at an exercise price of $0.12 for a period of two (2) years. Finder’s fees totaling $62,000 were paid and 620,000 finder’s warrants were issued as part of this financing. The private placement is subject to final approval by the TSX Venture Exchange.
The Company apologizes for any confusion that may have arisen from the original news release.
Net Proceeds from the Offering will be used to complete a Feasibility Study of the Lochaber project including additional drilling required for the Feasibility Study.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company with the mandate to bring graphite projects to production through the acquisition and development of high quality graphite flake 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 particularly with the advancement of battery storage, mobile battery systems and alternative energy infrastructure.
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 natural graphite, where pricing and demand continue to rise.
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The Company, through strategic acquisitions and capable management will become a leader in the industrial minerals marketplace. The Company’s flagship graphite property is located in Lochaber Township of southwestern Québec. The Company has also entered into option and joint venture agreements with Eloro Resources Inc. 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, post-closing of the first tranche of the Offering, has 73,714,818 shares outstanding (110,278,654 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>