NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES.
GLOBAL LI-ION GRAPHITE CLOSES NON-BROKERED PRIVATE PLACEMENT
LION: CSE GBBGF:OTCQB 0TD:F
Vancouver, BC – February 12, 2019 – Global Li-Ion Graphite Corp. (the “Company”) is pleased to announce that further to its news release dated February 8, 2019, it has closed a non-brokered private placement (the “Offering”), generating gross proceeds of $609,600.00 by issuance of 6,096,000 units (each a “Unit”) at a price of $0.10 per Unit. Each Unit consists of one common share and one common share purchase warrant (a “Warrant”). Each Warrant entitles the holder to purchase one common share for a period of two years at a price of $0.25.
In addition, the Company settled outstanding debt with a related party for $31,250 by issuance of 312,500 Units
The securities issued under the Offering and debt settlement 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 issuance of the Units in the debt settlement transaction and a portion of the Offering constitute Related Party Transactions within the meaning of Multilateral Instrument 61-101, as a director of the Company and two entities who share a mutual director as the Company will receive an aggregate of 1,568,500 Units. All the directors of the Company without a material interest in the debt settlement, acting in good faith, considered the debt settlement and have determined that the value of the consideration to be received by the Company for the Units is fair and reasonable. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the debt settlement insofar as it involves Related Parties, does not exceed 25 per cent of the market capitalization of the Company. Additionally, no new Insider nor new Control Person will be created as a result of either the debt conversion transaction or the private placement Offering.
For further information on the Company, please contact:
Jason Walsh Chairman Global Li-Ion Graphite Corp. Telephone 604.608.6314 Email: email@example.com
Neither the Canadian Securities Exchange nor its regulation services provider have reviewed or accept responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks discussed in the Company’s Management’s Discussion and Analysis under the Company’s profile on www.sedar.com. While the Company may elect to, it does not undertake to update this information at any particular time.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.