Great Lakes Graphite Inc. (TSXV:GLK) announced a private placement of up to 3,000,000 flow-through units at CAD 0.07 per unit for gross proceeds of up to CAD 210,000 on December 22, 2015. Each flow-through unit will consist of one flow-through common share and one flow-through common share purchase warrant. Each flow-through common share warrant will be exercisable into common shares of the company at CAD 0.10 per share for a period of 24 months.

The company will pay 8% of the gross proceeds in cash and 8% of the units issued as finder's fee. All securities to be issued will have a hold period of four months and one day. The transaction is subject to regulatory approval.

The transaction is expected to close on December 23, 2015.