Great Lakes Graphite Inc. (TSXV:GLK) announced a non-brokered private placement of up to 11,111,111 units at CAD 0.09 per unit for gross proceeds of CAD 1,000,000 on April 4, 2016. Each unit will comprise of one common share and one common share-purchase warrant. Each warrant will entitle the holder to purchase one additional common share at CAD 0.12 per share for a period of 24 months.

The company will pay finder's fee equal to a cash commission of 8% of the aggregate gross proceeds and will issue finder's warrants equal to 8% of the aggregate number of units sold. The securities to be issued are subject to a hold period of months plus one day. The transaction is subject to regulatory approval.