F2 Capital to Fund Great Lakes Graphite’s Micronization Facility

Battery Metals

Great Lakes Graphite Inc. (TSXV:GLK,OTC Pink:GLKIF) announced that it’s entered into an agreement under which Massachusetts-based F2 Capital will provide funding for the recommissioning of the company’s Matheson graphite micronization facility.

Great Lakes Graphite Inc. (TSXV:GLK,OTC Pink:GLKIF) announced that it’s entered into an agreement under which Massachusetts-based F2 Capital will provide funding for the recommissioning of the company’s Matheson graphite micronization facility.

As quoted in the press release:

The financing has been structured as a debenture, (the ‘Note’) that provides the Company with debt financing of $750,000.

Terms of the Note with F2 Capital are: an interest rate of 8.5% per annum; a 4% Gross Overriding Royalty on the first 30,000 tonnes produced from the micronization plant; the option of either the Company or the lender to convert the principal amount under the Note into common shares of GLK at a conversion price of $0.10. In addition, the lender has also been issued 1,875,000 warrants, with each warrant exercisable into a into a common share of the Company at an exercise price of $0.10 per share for a period of four years.

Paul Gorman, CEO of Great Lakes, commented:

This facility addresses the immediate capital requirements of the Matheson Micronization Facility through the commissioning stage. The terms of the financing provide GLK with maximum flexibility to complete the work required in Matheson without an onerous debt load and with minimal dilution. Our top priority is to achieve cash flow from micronization as soon as possible. Identifying the right financing partners who understand this focus has helped expedite the process.

Click here to read the full Great Lakes Graphite Inc. (TSXV:GLK,OTC Pink:GLKIF) press release.

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