The financing has been structured as a debenture that offers the company with debt financing of $750,000.
Terms of the facility with F2 Capital of Lincoln, Massachusetts, include an interest rate of 8.5% per year and a 4% gross overriding royalty on the first 30,000 tonnes produced from the micronization plant.
Great Lakes also announced that severance deals negotiated with John Siriunas and Paul Ankcorn have been submitted to the TSX Venture Exchange for approval.
As per the agreements, John Siriunas and Paul Ankcorn are being paid $30,000 in three installments of $10,000.
They will also receive 1,000,000 common shares of Great Lakes pending final Exchange approval.
Great Lakes’ innovation division has entered into long-term agreements for use of the Matheson Micronization facility and for supply of natural graphite concentrate.
The Matheson Micronization facility is expected to be commissioned in late 2015.
