RE:RE:News: ANNOUNCES RESIGNATION OF DIRECTORS AND OFFICERSThis PP was done in April, one of the reasons I had some hope we would of seen the halt lifted.
TORONTO, April 16, 2019 (GLOBE NEWSWIRE) -- Great Lakes Graphite Inc., doing business as NovoCarbon Corporation, (“GLK”, “NovoCarbon” or the “Company” TSX-V:GLK, OTCQB:GLKIF, FWB:8GL) announces that it has closed its previously announced non-brokered private placement financing, issuing an aggregate amount of 11,800,000 units (each a “Unit”) at C$0.05 per Unit for total proceeds of C$590,000.00 (the “Private Placement”). Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant is exercisable to purchase one Common Share at an exercise price of C$0.07 until April 16, 2022.
Insiders of the Company have subscribed for 9,950,000 Units under the Private Placement. The issuance of Units to insiders pursuant to the Private Placement (the “Insider Participation”) is considered to be a related party transaction within the meaning of TSX Venture Exchange (the “TSXV”) Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of any Insider Participation. The Transaction is subject to obtaining various TSX Venture Exchange, regulatory and other approvals and other customary closing conditions.