Gratomic Inc said it closed the first tranche of its previously announced non-brokered private placement offering of $27,020,000 with the placement of 1,650,827 working capital units (WC units) priced at $1.40 each for gross proceeds of $2,311,158.
Each WC unit consists of one common share and one-quarter of a common share purchase warrant. Each full warrant entitles the holder to purchase one common share at a price of $1.45 each until the date which is six months following the closing of the first tranche of the offering.
The securities issued are subject to hold periods expiring on or after May 27, 2022. The final closing of the offering has been extended for 30 days.
READ: Gratomic announces initial metallurgical test results from trenched material at its Capim Grosso project
Two eligible finders were paid cash finder's fees totalling $28,907.98 and First Republic Capital Corporation earned a corporate finance fee of $46,223.16 in respect of the first tranche of the offering.
The company said the securities to be offered under the offering have not been, and will not be, registered under the US Securities Act of 1933, as amended or any US state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the US Securities Act and applicable US. state securities laws.
Gratomic is a multinational company with projects in Namibia, Brazil, and Canada. It is focused on becoming a leading global graphite supplier and aims to secure a strong position in the EV battery supply chain. With the continued development of its flagship Aukam project and further exploration on the company's Capim Grosso property, Gratomic sets itself apart by seeking out unique top-quality assets around the world.
Large quantities of high-quality vein graphite have been shipped for testing to confirm its viability as an anode material. Gratomic is confident that the test results will provide a unique competitive advantage in its desired target markets. The company said it will continue to update the public on the status of these tests and will provide results as soon as they become available.
The company has formed a collaboration agreement with Forge Nano. With its patented ALD coating, this cooperation with Forge Nano is a key element to support Gratomic's strategies towards the value-added phases of production of graphite for anode applications, namely micronization, spheronization and coating, making Gratomic graphite a preferred choice for use in lithium-ion batteries.
Contact the author at jon.hopkins@proactiveinvestors.com