Great Lakes increases second tranche of financing 2016-06-21 16:12 ET - News Release
Mr. Paul Ferguson reports
GREAT LAKES GRAPHITE INCREASES PRIVATE PLACEMENT
Great Lakes Graphite Inc. has amended the terms of its non-brokered private placement, initially announced on April 4, 2016, and announced as amended on June 1, 2016. In response to investment demand, an amendment has increased the size of the offering, with the terms remaining unchanged.
The second tranche of the private placement will now consist of 3.13 million units and 5,086,000 flow-through shares, with no accompanying warrant. Each unit in the offering consists of one common share of the company and one common share purchase warrant; each warrant entitles the holder to purchase one additional common share of the company at a price of 10 cents for a period of 24 months after the closing of the offering, which is contingent upon approval by the TSX Venture Exchange.
Net proceeds from the offering will be used to recommission the company's leased graphite micronization facility in Matheson, Ont., and for flowsheet development work related to the Lochaber graphite project located in southwestern Quebec.
We seek Safe Harbor.
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