Gratomic Inc. (TSX-V:GRAT, OTCQX:CBULF) said it will extend the closing of its $6 million financing round for another 30 days as interest in the offering is “accelerating,” according to its CEO.
The company is offering up to 20 million working capital units (WC units) at a price of $0.30 per unit for gross proceeds of up to $6 million.
Gratomic said it has raised just over $3 million to date.
The balance of the financing will close when the remaining 9.8 million WC units are sold or on May 11, 2023, whichever comes first, according to a statement.
"The proceeds of the financing to date have gone a very long way in bringing critical components to the processing plant that are required to bring it to completion,” Gratomic’s CEO Arno Brand said in a statement.
“Gratomic takes a very hands-on approach to make sure our cash at hand serves our shareholders in the most impactful way. Interest in the financing is accelerating and I am optimistic that this extension will give us the time we need to complete the offering successfully.”
Under the terms of the offering, each WC unit consists of one share and one warrant that entitles the holder to purchase one share at a price of $0.45 for two years following the closing of the offering.
Gratomic is a multinational company with projects in Namibia, Brazil, and Canada. Its flagship asset is the Aukam graphite project in Namibia, and the company is also exploring at the Capim Grosso graphite project in Brazil.
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