EcoGraf Ltd (ASX:EGR) has completed a $3.79 million capital raising to advance the development of its EcoGraf™ battery graphite facility in Kwinana, Western Australia.
The share purchase plan (SPP) component was strongly supported by shareholders, with the company receiving applications for up to $2.191 million worth of shares at 6.5 cents per share.
After considering feedback from eligible retail and institutional shareholders, the company directors have elected to accept the SPP applications in full to provide longstanding eligible shareholders with the same opportunity afforded to participants in the recent share placement.
Directors participate in SPP
Each of the directors has participated in the SPP and the board wishes to thank all shareholders for their continuing support of EcoGraf.
SPP shares are expected to be issued on June 26 and EcoGraf looks forward to updating the ASX on progress with the development of its EcoGraf™ and Epanko graphite businesses.
State-of-the-art facility
Founded on a commitment to innovation and sustainability, EcoGraf is building a vertically integrated business to produce high purity graphite for the lithium-ion battery market.
The new state-of-the-art processing facility in Western Australia will manufacture spherical graphite products for export to Asia, Europe and North America using a superior, environmentally responsible purification technology to provide customers with sustainably produced, high-performance battery anode graphite.
In time the battery graphite production base will be expanded to include additional facilities in Europe and North America to support the global transition to clean, renewable energy in the coming decade.