Great Lakes Graphite Inc. (TSXV:GLK), announced a private placement of notes for gross proceeds of CAD 830,000 on October 5, 2015. The note carries a coupon of 8.5% per annum. The note is convertible into common shares of the company at an exercise price of CAD 0.10 per share.

The transaction include participation from private investors. The lender warrants will be issued at an exercise price of CAD 0.10 per share for a period of five years. The number of warrants will be equal to 25% of the subscription price divided by the conversion price.

The private placement is subject to approval from TSX Venture Exchange.