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Graphene Manufacturing Group Announces Closing of $11.5M Overnight Marketed Offering and Non-Brokered Private Placement
(TheNewswire) BRISBANE, QUEENSLAND, AUSTRALIA - TheNewswire – ...
About this update from Graphene Manufacturing Group Ltd
[{"type":"text","content":"Graphene Manufacturing Group Announces Closing of $11.5M Overnight Marketed Offering and Non-Brokered Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n BRISBANE, QUEENSLAND, AUSTRALIA -\n \n \n TheNewswire\n \n \n – September 2, 2021 -\n \n \n Graphene Manufacturing Group Ltd.\n(“GMG” or the “Company”)\n \n \n (TSXV:GMG)\n \n \n is pleased to announce that the\nCompany has closed its previously announced\n \n overnight marketed\npublic offering of units (the “\n \n Units\n \n ”) of the Company, including exercise in full of the\nover-allotment option (the “\n \n Offering\n \n ”). A total of 5,635,000 Units were sold at a price\nof C$2.05 per Unit (the “\n \n Offering\nPrice\n \n ”) for gross proceeds of approximately C$11.55 million.\nEach Unit is comprised of one ordinary share in the capital of the\nCompany (each, an “\n \n Ordinary\nShare\n \n ”) and one-half of one Ordinary Share purchase warrant\n(each, a “\n \n Warrant\n \n ”). Each\nWarrant shall entitle the holder to purchase one Ordinary Share at\nC$2.60 at any time until September 2, 2024. The Offering was completed\npursuant to an underwriting agreement dated August 13, 2021 among the\nCompany and Cantor Fitzgerald Canada Corporation, as lead underwriter\nand sole bookrunner, and a syndicate of underwriters including\nPI Financial Corp., Echelon Wealth Partners Inc. and Haywood\nSecurities Inc. (collectively, the “\n \n Underwriters\n \n ”).\n \n \n In connection with the Offering, the Company has paid to the\nUnderwriters a cash commission of $693,105 and issued to the\nUnderwriters 169,050 (“\n \n Compensation\nWarrants\n \n ”). Each Compensation Warrant is exercisable into a\nUnit at the Offering Price until September 2, 2024.\n \n \n The Company anticipates using the proceeds of the Offering to, among\nother things, develop a commercial coin cell graphene aluminum-ion\nbattery prototype, perform front end design and commence building of a\nbattery manufacturing facility (subject to a successful prototype and\na final investment decision) and for working capital and general\ncorporate purposes.\n \n \n The Offering was completed pursuant to a short form prospectus in\nCanada (the “\n \n Prospectus\n \n ...