Great Lakes Graphite (GLK-V) June 6, '16 wishes to announce that it has closed on its non-brokered private placement, previously announced on April 4, 2016 with and amended as announced on June 1, 2016. The first tranche of the Financing was completed by issuing 5,135,000 units (the "Units") at a price of $0.07 per unit for proceeds of $359,450 and 3,333,333 flow-through eligible shares at a price of $0.075 per share, for proceeds of $250,000 and gross proceeds of $609,450.
Each Unit in the Offering consists of one common share of the Company and one common share-purchase warrant (the "Warrants"); each Warrant entitles 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.
Finder's fees totaling $25,000 were paid and 266,666 finder's warrants exercisable at $0.075 for a period of thirty-six (36) months were issued to Secutor Capital Management Corporation as part of the closing of the financing. In accordance with applicable securities legislation, all securities issued in the Private Placement are subject to a statutory hold period of four months and one day. The private placement is subject to final approval by the TSX Venture Exchange.
Net Proceeds from the Offering will be used to recommission one or more production circuits at the Matheson Micronization Facility in Matheson, Ontario and for flowsheet development work related to the Lochaber Graphite Project, located in southwestern Quebec.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focussed on bringing value-added carbon products to a well-defined market.
The Company has entered into an agreement for shared use of a portion of an industrial facility located in Matheson, Ontario owned by Northfil Resources Limited, as well as for supply of high quality natural graphite concentrate (see news release dated 03/23/15), which have positioned Great Lakes Graphite to become an emerging domestic manufacturer and supplier of micronized products to a growing regional customer base where pricing and demand continue to rise.
Further information regarding Great Lakes can be found on the Company's website at: www.GreatLakesGraphite.com.
Great Lakes Graphite Inc.
Paul Ferguson
Chief Marketing Officer
1-800-754-4510 x106
PFerguson@GreatLakesGraphite.com
Great Lakes Graphite Inc.
Paul Gorman
Chief Executive Officer
1-800-754-4510 x109
PGorman@GreatLakesGraphite.com
www.GreatLakesGraphite.com |
