Great Lakes Graphite Cancels Placement, Closes US$2 Million Debenture Financing
November 10 2017 - 8:22AM
Great Lakes Graphite Inc. (“
GLK”,
“Great
Lakes” or the “
Company”) (TSX-V:GLK) (OTC
PINK:GLKIF) (FWB:8GL) today announces that F2 Capital, a major
shareholder in the Company, has provided an interest-bearing
secured convertible loan for up to US$2 million to fund the
Company's operations and expansion plans.
The Company will grant 3,386,667 warrants to the
Lender, a face value equal to 10% of the aggregate amount of the
loan. The warrants shall be exercisable by the holder thereof, for
a period of 36 months from the Closing Date to purchase one common
share at $0.075 per share.
The Company is pleased to further announce that
the private placement previously announced on August 17, 2017 has
been cancelled. Great Lakes Graphite CEO Paul Gorman said, “The
Company is canceling the previously announced placement and instead
has closed a less dilutive debenture financing. The debenture
financing was offered to us by a major, long-standing shareholder.
Opting for a far less dilutive solution preserves shareholder value
and, almost as importantly, is warranted based upon the recent
progress of the Company and the strength of our product
qualification pipeline, heading into 2018.”
Grant of options
The Company further announces the grant of
5,450,000 options to officers, directors, consultants and
service providers. 3,550,000 of these options were granted to
directors and officers of the Company, and the balance of 1,900,000
options were granted to consultants and service providers. Each
option has a three year term and is exercisable at $0.075 per
share.
About Great Lakes Graphite:
Great Lakes Graphite is a Clean Technology Minerals Processing
Company supplying customers with innovative, high quality
value-added carbon products.
There is no significant graphite production in
North America now. As pricing and demand continue to rise, Great
Lakes Graphite is one of the first new domestic suppliers to a
growing regional customer base. We continually work to deliver
products of the best quality with outstanding customer service.
The Company is party to an agreement for
long-term supply of high quality natural graphite concentrate from
Brazil. Great Lakes Graphite is presently working with an
established US-based processor for toll micronization services. The
Company has partnered with Ashland Advanced Materials for
commercial-scale purification operations at Ashland’s 110,000
square foot purification facility located in Niagara, New York.
Through our partner relationships, Great Lakes
Graphite began selling micronized synthetic graphite beginning in
2016 and now supplies micronized and high purity micronized natural
flake graphite products to a growing customer base.
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 125,656,830 shares
outstanding.
For more information, please
contact:
Paul FergusonChief Marketing OfficerEmail:
PFerguson@GreatLakesGraphite.com 1-800-754-4510 x106
Paul GormanChief Executive OfficerEmail:
PGorman@GreatLakesGraphite.com 1-800-754-4510 x109
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.
Caution Regarding Forward Looking
Information: Certain statements in this press release may
constitute "forward looking information" which involves known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
information. When used in this press release, such forward looking
information may use such words as "may'', "will'', "expect'',
"believe'', "plan'' and other similar terminology. Forward looking
information is provided for the purpose of presenting information
about management's current expectations relating to the future
events and the operating performance of the Company, and readers
are cautioned that such information may not be appropriate for
other purposes. The forward looking statements involve a number of
risks and uncertainties. These risks and uncertainties include, but
are not limited to, the ability of the Company to fulfill the
orders and future orders, regulatory requirements, general
economic, market or business conditions and future developments in
the sectors of the economy in which the business of Great Lakes
operates. The foregoing list of factors is not exhaustive. Please
see the Company's financial statements, MD&A and other
documents available on www.sedar.com , for a more detailed
description of the risk factors. The Company undertakes no
obligation to update publicly or revise any forward looking
information, whether a result of new information, future results or
otherwise, except as required by law.
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