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NovoCarbon Announces Private Placement and Shares for Debt
NovoCarbon Announces Private Placement and Shares for Debt.
About this update from Great Lakes Graphite Inc
[{"type":"text","content":"\nTORONTO, March 07, 2019 (GLOBE NEWSWIRE) -- Great Lakes Graphite Inc., doing business as NovoCarbon Corporation, (“​GLK​”, “NovoCarbon​” or the “​Company​” TSX-V:GLK, OTCQB:GLKIF, FWB:8GL) is announcing that it will be undertaking a non-brokered private placement pursuant to which the Company will issue common shares at $0.05 per common share for aggregate gross proceeds of up to $500,000.\n The Transaction is expected to close on or about March 21, 2019 and is subject to obtaining various TSX Venture Exchange, regulatory and other approvals and other customary closing conditions. Three of the anticipated subscribers to the private placement will be the directors of the Company. Accordingly, the proposed Transaction is considered a “related party” transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and the policies of the TSX Venture Exchange. The Company is relying on the exemptions from the formal valuation requirements and minority shareholder approval requirements of MI 61-101 contained in Section 5.5(a) and Section 5.7(1)(a) in respect of the related party transaction on the basis that the fair market value of the transaction does not exceed more than 25% of the Company’s market capitalization. The Company will be filing a material change report in respect of the related party transaction on SEDAR less than 21 days prior to the closing of the transaction due to the fact that the Company wished to close the transaction as soon as practicable to enable it to use the funds for short-term cash requirements. The gross proceeds of the private placement will be used for general working capital purposes. The Company will also issue 1,600,000 common shares valued at $0.05 per common share to a creditor of the Company as payment for the Lochaber graphite project. The common shares will be subject to a hold period of 4 months and 1 day. About NovoCarbon Corporation: ​NovoCarbon is a Clean Technology Minerals Processing Company supplying customers with innovative, high quality value-added carbon products. Further information regarding NovoCarbon can be found on the Company’s website at: www.novocarbon.com For more information, please contact:Paul...