Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF), which is developing energy-saving solutions with graphene, has announced a $5 million bought deal public offering.
The funds raised will be used to expand GMG’s production capacity and continued research and development to advance graphene aluminum-ion batteries with the Battery Innovation Center of Indiana.
The proceeds will also be used to prepare for uplisting on a major US exchange, working capital and general corporate purposes.
The offering, led by a syndicate of underwriters headed by Ventum Financial, involves the sale of 6.3 million units at $0.80 each.
Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable into one additional common share of the company at an exercise price of $1.10 for 36 months from the closing of the offering.
GMG has granted the underwriters an over-allotment option to purchase up to an additional 15% of the units at the same issue price, exercisable within 30 days of the offering’s closing.