Toronto, Ontario--(Newsfile Corp. - November 13, 2014) - Great Lakes Graphite Inc.
(TSXV: GLK) ("Great Lakes" the "Company") wishes to provide clarification
regarding its news release of November 11, 2013. On that date, the Company
announced that it had closed on the first tranche of a previously announced
private placement (the "Offering") and specified "units" instead of
"flow-through units". The corrected paragraph follows:
The Company issued 7,750,000 flow-through units at a price of
$0.10 per unit for gross proceeds of $775,000.00. Each flow-through unit
consists of one flow-through eligible common share and one share purchase
warrant, with each warrant exercisable to purchase one additional common share
at an exercise price of $0.12 for a period of two (2) years. Finder's fees
totaling $62,000 were paid and 620,000 finder's warrants were issued as part of
this financing. The private placement is subject to final approval by the TSX
Venture Exchange.
The Company apologizes for any confusion that may have arisen
from the original news release.
Net Proceeds from the Offering will be used to complete a
Feasibility Study of the Lochaber project including additional drilling required
for the Feasibility Study.
About Great Lakes Graphite: Great Lakes Graphite Inc. is
an industrial minerals company with the mandate to bring graphite projects to
production through the acquisition and development of high quality graphite
flake properties. Graphite has moved to the forefront of the Industrial Mineral
World as a Critical Mineral required for industrial use and as a major component
in the development of new technologies particularly with the advancement of
battery storage, mobile battery systems and alternative energy infrastructure.
As there are currently no graphite mines producing in North
America, Great Lakes Graphite has the ability to become one of the first
producers to supply a growing regional customer base that requires high quality
natural graphite, where pricing and demand continue to rise.
The Company, through strategic acquisitions and capable
management will become a leader in the industrial minerals marketplace. The
Company's flagship graphite property is located in Lochaber Township of
southwestern Québec. The Company has also entered into option and joint venture
agreements with Eloro Resources Inc. on the Summit-Gaber Cobalt
property located in the La Grande Greenstone Belt in the Baie James region of
Québec. 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, post-closing of the first tranche of the Offering, has 73,714,818
shares outstanding (110,278,654 fully diluted).
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
copyright (c) newsfile corp. 2014. all rights reserved