November 5, 2014, Toronto: Great Lakes Graphite Inc. (“Great Lakes” or the “Company”) wishes to announce a new non-brokered private-placement offering of up to a total of twenty-one (21) million units of Company equity.
The private placement will comprise two separate unit offerings (collectively the “Offering”). The first will include an offering of 12,500,000 flow-through units (each a “Flow-Through Unit”) at a price of $CDN 0.10 per Flow-Through Unit, for gross proceeds of up to $CDN 1,250,000. Each Flow-Through Unit will consist 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 0.12 for a period of twenty-four (24) months after the closing of the Offering.
The second part will include an offering of 8,500,000 units (each a “Unit”) at a price of $CDN 0.07 per Unit, for gross proceeds of up to $CDN 595,000. Each Unit will consist 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 0.10 for a period of twenty-four (24) months after the closing of the Offering.
A finder’s fee equal to a cash commission of 8% of the aggregate gross proceeds from the Units and/or Flow-Through Units sold, plus finder’s warrants equal to 8% of the aggregate number of Units and/or Flow-Through Units sold, will compensate finders appointed by the Company to source subscriptions. All securities issued by the Offering will be subject to a hold period of four months plus one day. The Offering is subject to regulatory approval.
CEO Paul Gorman said “While market conditions continue to be challenging we are energized by the enthusiastic response to our business plan that we are receiving from our shareholders and interested investors. Our efforts continue to be geared towards advancing the Lochaber project on an accelerated basis. Towards that end, the Company is currently working with SRK Consulting to prepare for the initiation of a Feasibility Study of the Lochaber project.”
The Offering is scheduled to close on November 28, 2014. 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 natural 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 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.(TSXV:ELO) 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 currently has 60,964,819 shares outstanding (89,158,655 fully diluted).
For more information, please contact:
|Paul A. Gorman, CEO
Great Lakes Graphite Inc.
|First Canadian Capital Corp.
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