Equity Deal, Great News! Great Lakes Graphite Receives US$4 Million Commitment
8:01 am ET August 29, 2016 (Market Wire) Print
TORONTO, ONTARIO--(Marketwired - Aug 29, 2016) - Great Lakes Graphite Inc. ("GLK" or the "Company") (TSX VENTURE:GLK)(OTC PINK:GLKIF)(FRANKFURT:8GL) is pleased to announce it has entered into an equity financing agreement with Global Corporate Finance LLC ("GCF") through which up to USD$4,000,000 is being made available to the Company over a two year period. The facility is intended to provide access to working capital to fund operations of the Company during initiation of commercial production and for sales and marketing purposes and other corporate initiatives that may arise during that period.
Great Lakes will control the timing and drawdown amount under the agreement, which is contingent upon approval by the TSX Venture Exchange. The Company will have the right, but not the obligation, to access available funds at predetermined intervals, in exchange for equity.
"Global Corporate Finance is looking forward to investing in Great Lakes Graphite and gaining direct exposure to a vertically integrated, carbon focused company with a strong management team," said Randy Rivera, a Managing Director at GCF.
"Partnering with the team at Global Corporate Finance, a world class investment group, provides Great Lakes with the financial strength to insure the proper execution of our business plan. GCF brings a wealth of experience gained from working with growing businesses, as well as the capital to facilitate the establishment of our micronization and purification business lines. This arrangement was specifically structured to free the Company from continuing to spend an inordinate amount of time seeking investment capital," said Paul Gorman, CEO of GLK.
About Global Corporate Finance: Global Corporate Finance LLC (GCF) is a private family office, located in New York City. GCF focuses on micro and mid cap companies in emerging markets and provide a global footprint for proprietary partnering resources, expertise, and funding. GCF and its predecessors have made over 200 investments in listed companies in multiple geographies.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focused on bringing value-added carbon products to a well-defined market.
The Company is party to 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 trades with symbol GLK on the TSX Venture Exchange and currently has 117,561,978 shares outstanding.