Graphene technology company to raise $5 million

Graphene Manufacturing Group has announced that it will raise $5 million through a “bought deal” unit offering. 

The Brisbane-based, Toronto Stock Exchange-listed company said on Wednesday that it would sell 1,819,000 of its shares, with Eight Capital the lead underwriter and sole bookrunner, together with a syndicate of underwriters.

The price per unit is $2.75, with a unit comprising one ordinary share and one ordinary share purchase warrant, entitling the purchase one share at an exercise price of $3.35 up 48 months after the closing date. 

The closing date will be on or around November 29.

GMG said that the new funds would go towards working capital and growth initiatives.

The company is developing the two-dimensional material graphene for a range of applications, applying its properties to products such as coatings, automotive lubricants, and batteries.

It recently announced results of R&D with the University of Queensland on graphene aluminium ion batteries, with energy and power density improvements.

Picture credit: GMG