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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (6782)6/26/2014 11:11:30 AM
From: Goose94Read Replies (1) of 202922
 
Great Lakes Graphite (GLK-V) June 26, '14 is pleased to announce that the Company has closed on the first tranche of its previously announced private placement by issuing 4,943,530 units at a price of $0.085 per unit for gross proceeds of $420,200.00. 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 $7,276.00 were paid and 85,600 finder's warrants exercisable at $0.085 for a period of two (2) years were issued as part of this financing. The private placement is subject to final approval by the TSX Venture Exchange. 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.

The Company also wishes to announce that it has settled a total of $42,000 of debt with an arm's-length party to the Company.

The Debt payable has been settled by issuing an aggregate of 420,000 common shares at a deemed price of $0.10 per share to a business financial consultant to the Company. The Shares for Debt Settlement is subject to regulatory approval.

All securities issued as per the transactions described herein will be subject to a hold period of four months plus one day.
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