Stock Options Granted to Directors, Officers and Consultants
TORONTO, Nov. 10, 2017 (GLOBE NEWSWIRE) -- 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:
Chief Marketing Officer
Chief Executive Officer
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.
These press releases may also interest you