Great Lakes Graphite Inc. announces a new non-brokered private-placement offering for a total of 40 000 000 units at a price of CAN$0.05 per share, for gross proceeds of CAN$2 000 000.
Each Unit in the Offering consists of one common share of the Company and one common share-purchase warrant, in turn each Warrant entitles the holder to purchase one additional common share of the Company at a price of CAN$0.10 for a period of 24 months after the closing of the Offering, which is contingent upon approval. The net proceeds of the private placement will be used for general working capital, with all securities issued in the private placement being subject to a statutory four months hold period. Closing of the private placement is subject to negotiation and execution of definitive documentation and receipt of all regulatory approvals.
The company has also announced the resignations of Chairman Richard Lane and Director Greg Murphy, effective 10 August.
“The Board is appreciative of the efforts of Greg and Richard on behalf of the Company and wish them both the best in building their respective businesses.”, said Paul Gorman, the Chief Executive Officer of Great Lakes Graphite
Read the article online at: https://www.globalminingreview.com/finance-business/21082017/great-lakes-graphite-inc-in-position-to-grow-meanwhile-board-of-directors-changes/