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October 29, 2015, Toronto: Great Lakes Graphite Inc. (“GLK” or the “Company” TSX-V:GLK, OTC PINK:GLKIF, FWB:8GL) announces that further to the Company’s news release of October 23, 2015, it has closed its previously announced convertible debenture financing to provide project funding for the recommissioning of the Matheson Graphite Micronization Facility. The financing raised gross proceeds of $933,631.
The convertible debentures have the following terms: maturity date of September 15, 2019; an interest rate of 8.5% per annum, which will be accrued and become payable on maturity of the Note; a 4% Gross Overriding Royalty on the first $90,000,000 in revenues produced from the Matheson Micronization Facility; and, the option of the lenders to convert the principal amount under the Note into common shares of GLK at a conversion price of $0.10. In addition, the convertible debenture holders have been issued a total of 2,224,078 warrants with each warrant exercisable into a common share of the Company at an exercise price of $0.10 per share until September 15, 2019. In addition the Company paid fees in cash of $7,000 and 70,000 finder’s warrants, with each warrant exercisable into a common share of the Company at an exercise price of $0.10 per share for a period of two years.
About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focussed on bringing value-added carbon products to a well-defined market.
The Company’s Innovation Division has entered into long-term agreements for use of the Matheson Micronization Facility and for supply of high quality natural graphite concentrate (see news release dated 03/23/15) which are positioning Great Lakes Graphite to become an emerging domestic manufacturer and supplier of micronized products to a growing regional customer base where pricing and demand continue to rise.
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 97,974,075 shares outstanding (136,242,890 fully diluted).
For more information, please contact:
Chief Marketing Officer
Chief Executive Officer
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