Great Lakes Graphite has closed a private placement to raise $499,999.92 for resource development activities.
The company offered 5,882,352 flow-through shares at a price of $CDN 0.085 per share.
Great Lakes Graphite produces micronized graphite from a mill in Matheson, east of Timmins. The company is leasing the mill from Northfil Resources Ltd.
This most recent announcement comes after a Nov. 11 release indicating the company had secured two more purchase orders for 40 tons of micronized graphite, bringing the total quantity of graphite ordered from the same U.S. customer to 340 tons.
Micronized graphite is a superfine material used in a range of specialized products, such as lithium-ion batteries for electric vehicles and fuel cells for energy storage.
