Great Lakes Graphite Extends Private Placement
26.05.2014 | Newsfile
Toronto, May 26, 2014 - Great Lakes Graphite Inc. (TSXV: GLK) ("Great Lakes Graphite" or the "Company") is extending the Private Placement that was previously announced on March 25, 2014, offering of up to a total of seven (7) million units of Company equity, conditional upon TSX Venture Exchange approval.The private placement will comprise an offering of up to 7,000,000 units at a price of $CDN 0.085 per Unit, for gross proceeds of up to $CDN 595,000 (the "Offering"). Each Unit will consist of one common share of the Company and one half (½) of one common share-purchase warrant (the "Warrants"); each full Warrant will entitle the holder to purchase one additional common share of the Company at a price of $CDN 0.11 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 sold, plus finder's warrants equal to 8% of the aggregate number of 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.
Net Proceeds from the Offering will be used to fund exploration of the Company's graphite prospects in the Buckingham and Lochaber Townships of southwestern Québec and to develop additional graphite exploration opportunities for the Company.
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. With the advancement of battery storage, mobile battery systems and alternative energy infrastructure, it is estimated that 20 new graphite flake mines will be required to keep up with 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 flake graphite, where pricing and demand continue to rise.
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 trades with symbol GLK on the TSX Venture Exchange and currently has 42,504,819 shares outstanding (62,038,982 fully diluted).
For more information, please contact:
Great Lakes Graphite Inc.
Paul A. Gorman, CEO
Tel.: 416-768-6101
Email: pgorman@GreatLakesGraphite.com
www.GreatLakesGraphite.com
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.