Great Lakes Graphite Announces Closing of Private Placement

TORONTO, ONTARIO--(Marketwired - Dec. 31, 2015) - Great Lakes Graphite Inc. ("GLK" or the "Company") (TSX VENTURE:GLK)(OTC PINK:GLKIF)(FRANKFURT:8GL) is pleased to announce that it has closed its previously announced private placement offering ("The Offering") for 3,253,570 FT Units for total gross proceeds to GLK of $229,750. The private placement was oversubscribed by 253,570 units and the Agents elected to exercise an overallotment option to accommodate the additional demand.

Each FT Unit consists of one flow-through common share (each, a "share") and one warrant (a "Warrant"). One warrant is exercisable into an additional common share of the Company ("Warrant Shares") for a period of up to 24 months from closing at a price of $0.10 per Warrant Share.

In connection with the private placement, the agents received a cash commision of $18,220, equal to 8% of the gross sales of Units and FT Units under the Offering and received 260,826 non-transferable broker warrants, a quantity equal to 8% of the gross proceeds raised in The Offering.

The securities issued in connection with the Offering are subject to a four month hold. Net Proceeds from the Offering will be used for development work on the Lochaber Graphite Property. The Offering is subject to final approval from the TSX Venture Exchange.

The Offering is being made in the provinces of British Columbia, Alberta, Quebec and Ontario, and other jurisdictions as may be determined between the Company and the Agents, and is subject to the approval of regulatory authorities. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Great Lakes Graphite: Great Lakes Graphite Inc. is an industrial minerals company focussed on bringing value-added carbon products to a well-defined market.

The Company's Innovation Division has entered into long-term agreements for use of the Matheson Micronization Facility and for supply of high quality natural graphite concentrate (see news release dated 03/23/15) which are positioning Great Lakes Graphite to become an emerging domestic manufacturer and supplier of micronized products to a growing regional customer base where pricing and demand continue to rise.

Further information regarding Great Lakes can be found on the Company's website at: www.GreatLakesGraphite.com.

Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and currently has 101,227,645 shares outstanding (140,654,238 fully diluted).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.