- Graphene Manufacturing Group has completed its acquisition of Cuspis Capital in a qualifying transaction between the companies
- Graphene acquired 100 per cent of the shares of Cuspis and in exchange has issued 6,162,072 ordinary shares to the former shareholders of Cuspis
- The transaction is subject to the final approval of the TSXV
- Graphene intends to use the proceeds of the offering for general working capital purposes
- Cuspis is a capital pool company
- Cuspis Capital (CUSP.P) closed trading at $0.135 per share
Graphene Manufacturing Group has completed its acquisition of Cuspis Capital in a qualifying transaction between the companies.
In the transaction, Graphene acquired 100 per cent of the shares of Cuspis and in exchange has issued 6,162,072 ordinary shares of Graphene to the former shareholders of Cuspis.
The company also issued 604,500 stock options to former holders of stock options of Cuspis.
Each option allows the holder to purchase one share at a price of C$0.4963 until March 12, 2024.
The transaction is subject to the final approval of the TSXV. Once the transaction has been granted final approval, the combined company will begin trading under the symbol “GMG” and Cuspis’s shares will be delisted from the TSXV.
Graphene also appointed one of Cuspis’s directors, William Ollerhead, to its board of directors.
Cuspis had previously completed a non-brokered private placement financing of 3,077,000 subscription receipts, which were automatically converted to units of Graphene before the closing of the transaction.
Each unit consists of one share and half of one ordinary share purchase warrant.
Each whole warrant may be exercised for one share at C$1.00 per share for a period of eighteen months from the date of issuance.
GMG intends to use the proceeds of the offering for general working capital purposes.
Cuspis Capital (CUSP.P) closed trading at $0.135 per share.