Great Lakes Graphite Announces Flow-Through Private Placement
TORONTO, ONTARIO--(Marketwired - Dec 22, 2015) - Great Lakes Graphite Inc. ("GLK" or the "Company") (TSX VENTURE:GLK)(OTC PINK:GLKIF)(FRANKFURT:8GL) wishes to announce a new non-brokered private placement offering of up to a total of three (3) million units of Company equity.
The private placement will consist of an offering of 3,000,000 flow-through units (each a "Flow-Through Unit") at a price of $CDN 0.07 per Flow-Through Unit, for gross proceeds of up to $CDN 210,000. Each Flow-Through Unit will consist 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.
A finder's fee equal to a cash commission of 8% of the aggregate gross proceeds from the Units and/or Flow-Through Units sold, plus finder's warrants equal to 8% of the aggregate number of Units and/or Flow-Through Units sold, will compensate finders appointed by the Company to source subscriptions. All securities issued by the Offering will be subject to a hold period of four months plus one day. The Offering is subject to regulatory approval.
The Offering is scheduled to close on December 30, 2015. Net Proceeds from the Offering will be used for development work on the Lochaber project.
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's Innovation Division has entered into long-term agreements for use of the Matheson Micronization Facility and for supply of high quality natural graphite concentrate (see news release dated 03/23/15) which are positioning 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 trades with symbol GLK on the TSX Venture Exchange and currently has 97,974,075 shares outstanding (133,886,812 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.
Contact
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