- Graphene Manufacturing Group (GMG) has closed a bought-deal prospectus offering
- The company sold a total of 2,091,850 units at a price of C$2.75 per unit for gross proceeds of approximately C$5.75 million
- GMG plans to use the proceeds of the offering towards developing a commercial coin and/or pouch-cell graphene aluminum-ion battery prototype
- GMG is an Australian-based clean-tech company that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite
- Graphene Manufacturing Group was up 0.781 per cent, trading at $2.58 at 10:42 AM ET
Graphene Manufacturing Group (GMG) has closed a bought-deal prospectus offering.
The offering included the exercise in full of the over-allotment option.
The company, through the offering, sold a total of 2,091,850 units at a price of C$2.75 per unit for gross proceeds of approximately C$5.75 million.
Each unit consisted of one ordinary share in the capital of the company and one ordinary share purchase warrant.
Each warrant entitles the holder to purchase one ordinary share at a price of $3.35 at any time until November 30, 2026.
In connection with the offering, the company paid the underwriters a cash commission of $345,155.25 and issued to the underwriters an aggregate of 62,755 compensation warrants. Each compensation warrant is exercisable into a unit at the offering price until November 30, 2024.
GMG plans to use the proceeds of the offering towards developing a commercial coin and/or pouch cell graphene aluminum-ion battery prototype, optimizing and expanding the company’s graphene powder production capability, including at its manufacturing plant and for general working capital purposes.
GMG is an Australian-based clean-tech company that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite.
Graphene Manufacturing Group Ltd. was up 0.781 per cent, trading at $2.58 at 10:42 AM ET.