Gratomic Inc. (TSX-V:GRAT, OTCQX:CBULF) told investors it will extend, for up to a further 30 days, the closing of its non-brokered private placement offering of up to 20 million working capital (WC) units at $0.30 each for gross proceeds of up to $6 million.
The company said it has raised $2,723,980.50 to date and expects to close a further tranche of the financing this week. The balance of the financing will close on the earlier of the sale of the remaining 10.9 million WC units and April 11, 2023, it added.
"Interest in the financing continues to build and I am optimistic that this extension will give us the time we need to complete the offering,” Gratomic president and CEO Arno Brand said in a statement.
READ: Gratomic completes second tranche of a non-brokered private placement for gross proceeds of $1,419,285.30
The company noted that each WC unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase one common share for $0.45 each until two years from the closing of the offering.
The securities to be offered under the offering have not been, and will not be, registered under the US Securities Act of 1933, as amended or any US state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the US Securities Act and applicable US state securities law.
Gratomic is a multinational company with projects in Namibia, Brazil, and Canada. The company is committed to becoming a leading global graphite supplier and aims to establish a strong position in the electric car battery supply chain.
With the ongoing development of its flagship Aukam project and further exploration of the company's Capim Grosso Graphite Project. The company ranked third among the top 10 performing TSX Venture 50 mining stocks of 2022.
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