Graphene Manufacturing Group raises $5.6 million

Brisbane-based nanomaterials company Graphene Manufacturing Group has raised gross proceeds of C$5 million (approximately $5.6 million) through a sale of 5,555,556 units at C$0.90 (approximately $1.)

According to a statement from the company on Wednesday, it has entered into an agreement with Red Cloud Securities as sole underwriter and bookrunner, with Red Cloud purchasing the units for resale.

The units are purchased on a “bought deal” basis, GMG said, and each represents a common share plus one common share purchase warrant. with each warrant entitling the holder to purchase a common share at C$1.35 “at any time on or before” a date 36 months after the closing date (anticipated to be September 3.)

Net proceeds will fund operations including commercial development, product development and working capital.

GMG was established in 2016 and listed on the Canadian TSX Venture Exchange in 2021. It is also listed on the OTCQX market.

It has a proprietary technology to create graphene using natural gas as a feedstock, 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

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