Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) announced the closing of its bought deal public offering, generating gross proceeds of C$6.9 million.
The offering included the full exercise of the over-allotment option.
Under the offering, the company sold 7,666,667 units at C$0.90 per unit.
Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable to acquire an additional common share at C$1.35 until September 3, 2028.
Net proceeds from the offering will be used to fund ongoing operations, including commercial and product development, as well as general working capital.
Red Cloud Securities acted as the sole underwriter and bookrunner. The firm received a cash commission of C$483,000 for its services and was issued 536,666 non-transferable broker warrants, exercisable at C$0.90 per share until September 3, 2028.