Graphene Manufacturing Group raises $6.4 million, looks to list on “a major United States exchange”

Brisbane-based, Canadian-listed Graphene Manufacturing Group has raised $C 5,796,000 (approximately $6.4 million) at a price of $C 0.80 per unit.

According to a statement from the company on Friday (Australian time), the net proceeds will be used to expand its production capacity to increase sales, for R&D on its Graphene Aluminium-Ion Battery with the Battery Innovation Center of Indiana, and to “prepare to uplist on a major United States exchange” as well as working capital and general corporate purposes.

GMG announced the bought deal public offering last week, with a syndicate of underwriters led by Ventum Financial Corp. as underwriters, and agreeing to buy 6,300,000 units at $C 0.80 each.

According to the statement on Friday, each unit comprises one common share in GMG and one common share purchase warrant, exercisable into one additional common share for a period of 36 months after the offering closes, at an exercise price of $C 1.10.

GMG was established in 2016 and listed on the Canadian TSX Venture Exchange in 2021.

It has a proprietary technology to create graphene from natural gas, and has used the nanomaterial in applications including lubricants, coatings for thermal management, and in batteries. It operates a factory in the Brisbane suburb of Richlands.

Picture: credit GMG

Further reading

AICIS approval will allow significant scaling up, says Graphene Manufacturing Group

Graphene Manufacturing Group plans aluminium-ion batteries

GMG to build Graphene Aluminium Ion Battery pilot plant

GMG tests its graphene aluminium-ion battery production