Graphene Manufacturing Group Ltd (TSX-V:GMG, OTC:GMGMF) has closed a previously announced bought deal financing for gross proceeds of C$5.75 million the company announced.
More than two million units, including the gull over-allotment option, were sold at a price of C$2.75 per unit. Each unit contains one share and one share purchase warrant, which entitles its holder to purchase an additional share at a price of C$3.35.
Grapheme Manufacturing Group (GMG) plans to use proceeds of the for developing a commercial coin and/or a pouch cell graphene aluminum-ion battery prototype, optimizing and expanding graphene powder production capability and for general working capital purposes.
READ: Graphene Manufacturing Group announces battery, cell and graphene production improvements in latest update
GMG is a disruptive Australian-based clean-tech company that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. This proprietary process allows GMG to produce high quality, low cost, scalable, 'tuneable' and no/low contaminant graphene.
It is pursuing additional opportunities for GMG Graphene, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance of lubricant oil and performance-enhanced HVAC-R coating system.
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