Business
Graphene Manufacturing Group Ltd. Announces Upsize of Bought Deal Public Offering for Gross Proceeds of C$6 Million
Brisbane, Queensland, Australia--(Newsfile Corp. - August 21, 2025) - Graphene Manufacturing Grou...
About this update from Graphene Manufacturing Group Ltd
[{"type":"text","content":"Graphene Manufacturing Group Ltd. Announces Upsize of Bought Deal Public Offering for Gross Proceeds of C$6 MillionBrisbane, Queensland, Australia--(Newsfile Corp. - August 21, 2025) - Graphene Manufacturing Group Ltd. (TSXV: GMG) (OTCQX: GMGMF) (\"GMG\" or the \"Company\") is pleased to announce that as a result of strong investor demand, the Company has increased the size of its previously announced \"bought deal\" public offering (the \"Underwritten Offering\") from gross proceeds of approximately C$5,000,000 to gross proceeds of approximately C$6,000,000. Pursuant to the upsized Underwritten Offering, Red Cloud Securities Inc. (\"Red Cloud\"), as sole underwriter and bookrunner, has agreed to purchase for resale 6,666,667 units of the Company (each, a \"Unit\") at a price of C$0.90 per Unit (the \"Offering Price\").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 Stat...