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Toronto, Ontario--(Newsfile Corp. - August 1, 2014) - Great
Lakes Graphite Inc. (TSXV: GLK) ("
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 totalling $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
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
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:
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
For more information, please contact: