August 1, 2014, Toronto: Great Lakes Graphite Inc. (“Great Lakes” or the “Company”) is pleased to announce that it has closed on its non-brokered private placement, previously announced on July 15, 2014 (the “Offering”), by issuing 4,595,000 units (the “Units”) at a price of $0.085 per unit and 200,000 flow-through eligible units (the “Flow-Through Units”) at a price of $0.10 per unit for gross proceeds of $410,575. The total amount raised by the Company in its financings since June, 2014 is $1,009,400.
Each Unit in the Offering consists of one common share of the Company and one common share-purchase warrant (the “Warrants”); each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $CDN 0.11 for a period of twenty-four (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 (the “FT Warrants”); each FT Warrant will entitle the holder to purchase one additional Great Lakes common share at a price of $CDN 0.15 for a period of twenty-four (24) months after the closing of the Offering.
Finder’s fees totaling $30,942 were paid and 361,200 finder’s warrants exercisable at $0.085 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 fund exploration of the Company’s graphite projects in the Lochaber Township area of southwestern Québec and to move forward on additional graphite development opportunities.
All securities issued as per the transaction described herein will be subject to a hold period of four months plus one day.
CEO Paul Gorman said “With the required funding secured we are now in a position to turn our full attention towards advancing the Lochaber Graphite property. Crews are currently mobilizing to begin executing our 2014 work program for Lochaber which will be detailed shortly in an upcoming news release.”
The Company also reports that it has made the decision to not proceed with an option agreement to acquire a 100% interest in certain claims in Buckingham Township. This option had been in effect since 2012.
About Great Lakes Graphite:Great Lakes Graphite is an industrial minerals company with the mandate to bring graphite projects to production through the acquisition and development of high quality graphite 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. With the advancement of battery storage, mobile battery systems and alternative energy infrastructure, it is estimated that 20 new graphite mines will be required to keep up with worldwide demand by the year 2020.
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, purified graphite, where pricing and demand continue to rise.
The Company, through strategic acquisitions and capable management intends to become a leader in the industrial minerals marketplace. The Company’s graphite properties are located in the Lochaber Township of southwestern Québec. The Company has also entered into option and joint-venture agreements with Eloro Resources Inc. (TSXV: ELO) on the Summit-Gaber Cobalt property located in the La Grande Greenstone Belt in the James Bay region of Québec. Further information regarding Great Lakes can be found on the Company’s website at: www.GreatLakesGraphite.com.
Great Lakes Graphite Inc. trades under the symbol GLK on the TSX Venture Exchange and upon final acceptance of this transaction the Company will have 60,364,819 shares outstanding (88,699,322 fully diluted).
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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.