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Global Li-Ion Closes Private Placement  – Global Li-Ion Graphite

Global Li-Ion Closes Private Placement 

Vancouver, British Columbia — September 3, 2020 — Global Li-Ion Graphite Corp. (“Global Li-Ion” or the “Company”) (Canadian Securities Exchange: LION) is pleased to announce that it has completed the non-brokered private placement (the “Offering”) described in its news release of August 27, 2020. In connection with the closing of the Offering, the Company issued an aggregate of 9,000,684 units (the “Units”) at a price of CDN$0.06 per Unit for gross proceeds of CDN$540,041. Each Unit consists of one common share in the capital of the Company (a “Share”) and one whole transferable common share purchase warrant (a “Warrant”). Each whole Warrant is exercisable to acquire one Share at an exercise price of CDN$0.10 per Share until September 3, 2022 which is 24 months from the date of issuance.

Insiders of the Company acquired an aggregate of 383,334 Units in the Offering, which participation constituted a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units acquired by the insiders, nor the consideration for the Units paid by such insiders, exceed 25% of the Company’s market capitalization.

Global Li-Ion intends to use the net proceeds of the Offering for general working capital.

The Company will pay no finder’s fees in connection with subscriptions from subscribers introduced to this Offering.

The securities issued under the Offering, and any Shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.

2020-09-05T01:29:55+00:00 September 5th, 2020|News Releases|