Great Lakes Graphite Inc GLKIF

Great Lakes Graphite Inc is an industrial minerals company focused on bringing carbon properties and products. It focuses on the manufacture, marketing, and sales of graphite products. Its product is categorized in types: graphite and advanced carbon products. Some of its natural flake graphite products are Micronized, High purity micronized, Ultra-high purity micronized, Spherical purified, and Coated spherical purified. The advanced carbon products include ALD-Coated graphite, Graphene, and Carbon composite materials.

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Great Lakes Graphite Inc

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Post by Markonion Apr 10, 2015 9:17am

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Post# 23615996

News - did someone say financing? lol

GREAT LAKES GRAPHITE ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Great Lakes Graphite Inc. has closed on its non-brokered private placement, previously announced on March 4, 2015, by issuing 6,689,255 units at a price of five cents per unit and 7.7 million flow-through eligible units at a price of five cents per unit for gross proceeds of $719,462.75.

Each unit in the offering consists of one common share of the company and one common share purchase warrant; each warrant will entitle 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. Each flow-through unit in the offering consists of one flow-through eligible common share of Great Lakes and one common share purchase warrant; each FT warrant will entitle the holder to purchase one additional Great Lakes common share at a price of 10 cents for a period of 24 months after the closing of the offering.

Finders' fees totalling $36,600 were paid and 732,000 finder's warrants exercisable at 10 cents for a period of twenty-four (24) months were issued as part of the closing of the financing. The private placement is subject to final approval by the TSX Venture Exchange.

Net Proceeds from the Offering will be used to complete the NI 43-101 resource estimate that is nearing completion for the Lochaber Graphite property located in the Lochaber Township area of southwestern Québec and to conduct a bulk sampling program. Proceeds will also be used to initiate project work to recommission the Company's leased graphite micronization facility in Matheson, Ontario.