Great Lakes Graphite Inc. (
TSX: V.GLK,
Stock Forum) said Friday it has completed a non-brokered private placement financing that raised $719,462.
Net proceeds are earmarked for activities related to a bulk sample program and the NI 43-101-compliant resource estimate that is nearing completion at the company’s Lochaber Graphite property in southwestern Quebec.
Proceeds will also be used to initiate project work to recommission the company’s leased graphite micronization facility in Matheson, Ontario,
the company said in a press release.
Great Lakes Graphite shares were unchanged Friday at 6.5 cents, leaving a markets cap of $5.3 million, based on 81.3 million shares outstanding. The 52-week range is 17 cents and 3 cents.
Great Lakes is an industrial minerals company with a focus on bringing carbon products to a well defined market through a vertically integrated supply chain.
Its aim is to become one of the first domestic suppliers to a growing regional customer base that requires high quality natural graphite, where pricing and demand continue to rise.
FULL DISCLOSURE: Great Lakes Graphite is a client of Stockhouse Publishing.