Gratomic Inc. (TSX-V:GRAT, OTCQX:CBULF) said it has closed the final tranche of its previously announced non-brokered private placement offering, issuing 2,300,714 working capital units (WC Units) priced at $1.40 each and raising gross proceeds of $3,221,000.
In all, the company said, it raised an aggregate of $5,532,157 through the placement of 3,951,541 WC Units under the offering. The company said it is not proceeding with the balance of the offering and has closed it.
Gratomic said it considers the fundraising as a positive outcome, noting that it has been successful in closing the private placement despite the external stressors including the current global political and economic conditions.
READ: Gratomic is set to capture a large slice of the global graphite market with top-quality assets
“In a world that is upside-down, Gratomic is still right-side-up," Arno Brand, Gratomic president & CEO said in a statement. "The company will continue to work hard providing value for our shareholders and will remain focused on the continued development of Aukam and Capim Grosso."
In the final tranche, 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 per WC warrant share 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 June 9, 2022.
Gratomic is a multinational with projects in Namibia, Brazil, and Canada. The company focuses on becoming a leading global graphite supplier and aims to secure a strong position in the electric vehicle battery supply chain.
Contact the author at jon.hopkins@proactiveinvestors.com