/EINPresswire.com/ -- LINCOLN, MASSACHUSETTS -- (Marketwired) -- 06/08/16 -- Frank and Mitzi Ferguson ("Ferguson") announce that pursuant to a private placement financing (the "Private Placement"), Ferguson acquired 4,505,000 common shares ("Common Shares") of Great Lakes Graphite Inc. ("GLK" or the "Issuer") at an issue price of $0.07 per share.

Prior to the Private Placement, Ferguson beneficially owned and/or exercised control or direction over 8,305,999 Common Shares, a convertible debenture (the "Debenture") entitling Ferguson to acquire up to 7,500,000 Common Shares, and Common Share purchase warrants ("Warrants") entitling Ferguson to acquire up to 3,775,000 Common Shares. Following the Private Placement, Ferguson beneficially owns and/or exercises control or direction over 12,810,999 Common Shares, Warrants to acquire up to 3,775,000 Common Shares and the Debenture entitling Ferguson to acquire up to 7,500,000 Common Shares. This represents approximately 19.9% of the issued and outstanding Common Shares on a partially diluted basis (or 24,085,999 Common Shares, assuming exercise of all of the Warrants and conversion of the Debenture held by Ferguson).

Ferguson acquired the Common Shares for investment purposes only and may, in the future, depending on market and other conditions, increase or decrease their beneficial ownership, control or direction over Common Shares in the capital of the Corporation.

A copy of the early warning report filed in connection with this press release may be found on www.sedar.com under GLK's corporate profile page.

Contacts:
Frank & Mitzi Ferguson
26 Harvest Circle
The Groves
Lincoln, MA 01773
United States