Vancouver, BC / TheNewswire / August 23, 2017 - Global Li-Ion Graphite Corp. (the "Company") is pleased to announce that it has closed a non-brokered private placement (the "Private Placement"), generating gross proceeds of $1,500,000.
Pursuant to the Private Placement, an aggregate of 7,500,000 units (each a "Unit") were issued at a price of $0.20 per Unit. Each Unit consists of one common share and one common share purchase warrant exercisable at a price of $0.50 for a period of one year from the date of issuance.
As part of the Private Placement, the Company entered into a debt conversion agreement to settle $7,640 with a creditor. The Company issued 38,200 Units to the creditor pursuant to the debt conversion agreement dated July 2017.
The Company paid a total cash fee of $94,500 and issued 576,500 Broker warrants.
The securities in the Private Placement will be subject to a hold period of four months and one day from the closing date of the Private Placement, in accordance with applicable securities regulations.
The proceeds of the Private Placement will be used for general working capital purposes and for the further development of the Company's ongoing projects.
