The company proposed to Eloro to leave the joint venture property in good standing and to settle the debt of $28,912.00 for the provision of services.
The settlement is subject to the approval of the TSX Venture Exchange.
Great Lakes Graphite’s innovation division has signed long-term agreements for use of the Matheson micronization facility in Ontario. The deals also include supply of natural graphite concentrate.
The facility is expected to be commissioned in late 2015. It aims to establish a presence in the upgraded graphite products market with North American customers.
Plan also include creating a competitive advantage by using existing assets. An accelerated timeline will be set for cash flow and revenue by micronizing and upgrading flake graphite with supply agreements with the existing graphite producers.
Great Lakes has recently closed financing to provide project funding for the recommissioning of the Matheson graphite micronization plant.
The financing has been structured as a debenture that offers the company with debt financing of $750,000.
