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Zen Graphene Solutions Completes Private Placement for Gross Proceeds of $4.3 Million
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED ...
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[{"type":"text","content":"Zen Graphene Solutions Completes Private Placement for Gross Proceeds of $4.3 MillionNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.GUELPH, ON / ACCESSWIRE / April 9, 2021 / ZEN Graphene Solutions Ltd. (\"ZEN\" or the \"Company\") (TSXV:ZEN) is pleased to announce that, effective April 8, 2021, it completed its previously announced non-brokered private placement (the \"Offering\") for aggregate gross proceeds of $4,337,998, a significant increase from the $2,000,000 announced on March 25, 2021. Pursuant to the Offering, the Company issued an aggregate of 1,735,199 units (the \"Units\") at a price of CDN$2.50 per Unit. Each Unit consists of one common share in the capital of the Company (a \"Share\") and one-half of one common share purchase warrant (each whole such warrant, a \"Warrant\").The Company is pleased to report $744,492.50 raised was from 54 subscribers using the existing shareholder exemption and thanks each of them for their support.Greg Fenton, CEO commented: \"We want to thank our shareholders for this vote of confidence in our team and strategy. With this private placement now complete, the company is in a strong financial position to execute its business plan and accelerate the many research and development projects it has underway toward commercialization.\"Each Warrant is exercisable to acquire one Share at an exercise price of CDN$3.00 per Share until April 8, 2023, provided however that if, at any time after the date that is 4 months and one day after the date of issuance of the Warrant, the closing price of the Company's common shares on the TSX Venture Exchange (or such other stock exchange on which the common shares may be traded from time to time) is at or above CDN$4.00 per share for a period of 10 consecutive trading days (the \"Triggering Event\"), then the Company may, within 100 days of the Triggering Event, accelerate the expiry date of the Warrants by giving notice thereof to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the Triggering Event. The Warrants are subject to the terms and conditions of a warrant indenture (the \"Warrant Indenture\") dated April 8, 2021 between the Company and ...