On November 9, Brisbane-headquartered Graphene Manufacturing Group (GMG) declared it would raise a US$5 million fund through a ‘bought deal’ unit offering.
GMG is listed on the Toronto Stock Exchange, and it has announced selling 1,819,000 of its shares with Canadian Eight Capital, an investment firm looking after the primary underwriting, company bookkeeping and building references with a team of underwriters.
The closing date for the deal has been scheduled for November 29 with a per unit price of US$2.75, where a unit consists of one ordinary share and an ordinary share purchase warrant. A buyer would be spending US$3.35 for a share that escalates 48 months after the closing date.
GMG has claimed that the entire newly raised fund would benefit the company’s working capital in the upcoming days. Moreover, this money would also come in handy if GMG plans to have any operational expansion or upgradation.
At this moment, the company is nurturing its two-dimensional graphene for various utilisations, incorporating its characteristics into product coatings, batteries and lubricants.
GMG has published the outcome of the research and development programme carried out in partnership with the University of Queensland on graphene ion batteries. Though commercial production is a future concern, GMG is extremely precise with its patented aluminium ion battery optimisation and wishes to introduce the technology to the retail market.
Recently, GMG was developing a method where these aluminium ion batteries would be crucial for storing solar energy for future use. If the company successfully builds a safe commercialised version of the aluminium ion battery, many of our energy-related problems will be solved forever.
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