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Graphene Manufacturing Group Ltd. Announces Bought Public Offering of Units for Gross Proceeds of C$5 Million
Brisbane, Queensland, Australia--(Newsfile Corp. - August 20, 2025) - Graphene Manufacturing Grou...
About this update from Graphene Manufacturing Group Ltd
[{"type":"text","content":"Graphene Manufacturing Group Ltd. Announces Bought Public Offering of Units for Gross Proceeds of C$5 MillionBrisbane, Queensland, Australia--(Newsfile Corp. - August 20, 2025) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF) (\"GMG\" or the \"Company\") is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. (\"Red Cloud\"), as sole underwriter and bookrunner, pursuant to which Red Cloud has agreed to purchase for resale 5,555,556 units of the Company (each, a \"Unit\") at a price of C$0.90 per Unit (the \"Offering Price\") on a \"bought deal\" basis in a public offering for gross proceeds of approximately C$5,000,000 (the \"Underwritten Offering\").Each Unit will consist of one common share of the Company (each, a \"Unit Share\") and one common share purchase warrant (each, a \"Warrant\"). Each Warrant shall entitle the holder to purchase one common share of the Company (each, a \"Warrant Share\") at a price of C$1.35 at any time on or before that date which is 36 months after the Closing Date (as herein defined).The Company has granted to the Underwriter an option (the \"Over-Allotment Option\", and together with the Underwritten Offering, the \"Offering\"), exercisable, in whole or in part, at any time for a period of up to 30 days after and including the Closing Date, to purchase for resale the number of additional Units equal to up to 15% of the number of Units sold pursuant to the Underwritten Offering at the Offering Price to cover over allotments, if any, and for market stabilization purposes. The net proceeds from the Offering will be used by the Company to fund ongoing operations including, but not limited to, commercial development, product development and working capital.In connection with the Offering, the Company intends to file a prospectus supplement (the \"Supplement\") to the Company's final short form base shelf prospectus dated March 7, 2025 (the \"Shelf Prospectus\"), with the securities regulatory authorities in each of the provinces and territories of Canada, except Quebec. The Units may also be sold in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") and in such other jurisdictions outside of Canada and ...