Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) said it raised C$3.47 million in a share offering, including an over-allotment option.
As it said when the offering was announced and upsized last month, the Brisbane, Australia-based company said the net proceeds are intended to be used to strengthen its financial position and provide liquidity to finance ongoing operations, including research and development, along with working capital and general corporate purposes.
The offering saw 8.28 million units sold at a price of C$0.42 apiece, with each unit comprised of one ordinary share and a warrant to buy one ordinary share at a price of C$0.55 by 7 May, 2028.
GMG, which is focused on graphene-enabled energy saving and energy storage solutions, said it paid the underwriter a cash commission equal to 7% of the gross proceeds and issued it with 7% of the warrants.