Business
Zen Graphene Solutions Ltd. Announces Final Upsize of Private Placement
THUNDER BAY, ON / ACCESSWIRE / April 1, 2021 / ZEN Graphene Solutions Ltd. ("ZEN" or the "Com...
About this update from Zentek Ltd.
[{"type":"text","content":"Zen Graphene Solutions Ltd. Announces Final Upsize of Private PlacementTHUNDER BAY, ON / ACCESSWIRE / April 1, 2021 / ZEN Graphene Solutions Ltd. (\"ZEN\" or the \"Company\") (TSX Venture Exchange:ZEN) is pleased to announce, in connection with its previously announced non-brokered private placement (the \"Offering\"), and previous upsizing, that due to very strong demand the Company has increased the size of the Offering to up to 2,000,000 units (the \"Units\") at a price of CDN$2.50 per Unit for gross proceeds of up to CDN$5,000,000. The private placement is now closed to new interest as the company finalizes the transactions already underway. The company will report final numbers when it officially closes the private placement, expected to be on Tuesday April 6th, 2021.Greg Fenton commented: \"We want to thank all our shareholders for their incredible support during this private placement. We are very fortunate to have amazing shareholders who are always looking out for the best interest of ZEN and this private placement has been another example of that support. The company is now in a very strong financial position to deliver on our business plan in the Healthcare space and continue to support our strong research and development pipeline. On behalf of the board of directors and management, we want to say thank you to our shareholders for their trust in our team.\"If the Offering is oversubscribed above the $5,000,000 announced, unless the Company determines to increase the maximum gross proceeds of the Offering and receives approval from the TSX Venture Exchange for such increase, the Company will allocate the Units issued under the Offering to those subscribers whose subscriptions were first received by the Company. A subscription will be deemed to be received when a completed subscription agreement together with payment of the subscription amount has been received by the Company.ZEN intends to use the net proceeds of the Offering: to fund capital expenditures and operating expenses at Guelph locations supporting the scale-up and production of its biocidal coating to serve existing client orders and create capacity for subsequent clients. ZEN also intends to continue to invest in ZEN's intellectual property related to graphene. Funds will also be used for general corporate purposes.The Company may pay finder's fees on a por...