Black Swan Graphene (TSX-V:SWAN) announced the successful closure of a non-brokered private placement, securing gross proceeds of $6 million.
This follows the company's 8:1 share consolidation earlier in the month.
CEO Simon Marcotte told investors that the financing allows the company to “accelerate our expansion, scale production, and expand our sales team to drive global commercialization of our graphene-enhanced solutions.”
A portion of the proceeds is allocated for acquiring and installing additional equipment at the company's Consett, UK facility. This expansion aims to increase production capacity from approximately 30 to 40 tonnes per year to 140 tonnes annually, meeting anticipated market demand.
Funds will also be used to scale production and expand Black Swan’s sales team to drive global commercialization of its graphene-enhanced solutions.
“The potential of our graphene in industrial applications, notably our Graphene Enhanced Masterbatch in the plastics and polymer sector, combined with our partnerships in the concrete/cement sector, positions us to lead the industry in material innovation,” Marcotte added.
The financing involved the issuance of units priced at $0.50 each, with each unit comprising one common share and one-half of a transferable share purchase warrant. Each whole warrant permits the holder to acquire an additional common share at $1 within 18 months, expiring in August 2026.