Deal sells units at C$0.07 each, flow-through shares at C$0.075 each
By Devika Patel
Knoxville, Tenn., June 21 – Great Lakes Graphite Inc. said it increased its private placement of units and flow-through stock to C$1.21 million from C$1 million, with a C$600,550 second tranche expected to settle. The deal priced as a units offering on April 4 and was revised to include stock on June 1; Great Lakes raised C$609,450 on June 6.
The company is now selling 8,265,000 units of one common share and one warrant at C$0.07 per unit and 8,419,333 flow-through common shares at C$0.075 per share.
Each warrant is exercisable at C$0.10 for two years. The strike price reflects a 25% premium to the April 1 closing share price of C$0.08. The price per share is a 6.25% discount to that price.
Great Lakes sold 5,135,000 units and 3,333,333 flow-through shares in the first tranche. It will sell 3.13 million units and 5,086,000 shares in the second tranche.
Proceeds will be used to recommission the company's leased graphite micronization facility in Matheson, Ont., and for flowsheet development work related to the Lochaber Graphite Project.
In connection with the initial tranche, Secutor Capital Management Corp. was paid a C$25,000 finder’s fee and received 266,666 finder's warrants, each exercisable at C$0.075 for three years.
Based in Toronto, Great Lakes explores for graphite.
| Issuer: | Great Lakes Graphite Inc.
|
| Issue: | Units of one common share and one warrant, flow-through common shares
|
| Amount: | C$1.21 million
|
| Agent: | Non-brokered
|
| Pricing date: | April 4
|
| Revised: | June 1, June 21
|
| Settlement date: | June 6 (for C$609,450)
|
| Stock symbol: | TSX Venture: GLK
|
| Stock price: | C$0.08 at close April 1
|
| Market capitalization: | C$7.59 million
|
|
|
| Units
|
| Amount: | C$578,550
|
| Units: | 8,265,000
|
| Price: | C$0.07
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
|
|
| Stock
|
| Amount: | C$631,450
|
| Shares: | 8,419,333
|
| Price: | C$0.075
|
| Warrants: | No
|
|
|
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