Deal sells units of a common share and one warrant at C$0.09 per unit
By Devika Patel
Knoxville, Tenn., April 4 – Great Lakes Graphite Inc. said it will conduct a C$1 million private placement of units.
The company will sell 11,111,111 units of one common share and one warrant at C$0.09 per unit.
Each warrant will be exercisable at C$0.12 for two years. The strike price reflects a 50% premium to the April 1 closing share price of C$0.08.
Proceeds will be used for corporate development and working capital.
Based in Toronto, Great Lakes explores for graphite.
| Issuer: | Great Lakes Graphite Inc.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1 million
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| Units: | 11,111,111
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| Price: | C$0.09
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.12
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| Agent: | Non-brokered
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| Pricing date: | April 4
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| Stock symbol: | TSX Venture: GLK
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| Stock price: | C$0.08 at close April 1
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| Market capitalization: | C$7.84 million
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