Graphene Manufacturing Group Ltd. (TSX-V: GMG)
(“
GMG” or the “
Company”), is
pleased to announce that it has entered into an agreement pursuant
to which Eight Capital as lead underwriter and sole bookrunner,
together with a syndicate of underwriters (collectively, the
“
Underwriters”), will purchase 1,819,000 units of
the Company (the “
Units”), on a “bought deal”
basis pursuant to the filing of a short form prospectus, subject to
all required regulatory approvals, at a price per Unit of $2.75
(the “
Issue Price”) for gross proceeds of
$5,002,250 (the “
Offering”).
Each Unit shall be comprised of one ordinary
share in the capital of the Company (a “Share”)
and one ordinary share purchase warrant (a
“Warrant”). Each Warrant shall entitle the holder
thereof to purchase one Share at an exercise price of $3.35 for a
period of 48 months following the closing date of the Offering.
The Company has agreed to grant the Underwriters
an over-allotment option to purchase up to an additional 15% of the
Units at the Issue Price, and/or the components thereof,
exercisable in whole or in part, at any time on or prior to the
date that is 30 days following the closing of the Offering.
The Company intends to use the net proceeds of
the Offering for growth initiatives, working capital and general
corporate purposes.
The closing date of the Offering is scheduled to
be on or about November 29, 2022 and is subject to certain
conditions including, but not limited to, the receipt of all
necessary approvals, including the approval of the TSX Venture
Exchange (the “TSXV”) and the applicable
securities regulatory authorities.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful. The securities being
offered have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended, and may not
be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of the
United States Securities Act of 1933, as amended, and
applicable state securities laws.
GRAPHENE MANUFACTURING GROUP
LTD.Per: “Craig Nicol”Craig NicolChief Executive Officer
and Managing Director
About GMGGMG is a disruptive
Australian-based clean-tech company listed on the TSXV (TSXV: GMG)
that produces graphene and hydrogen by cracking methane (natural
gas) instead of mining graphite. By using the company's proprietary
process, GMG can produce high quality, low cost, scalable,
'tuneable' and no/low contaminant graphene – enabling demonstrated
cost and environmental improvements in a number of world-scale
planet-friendly/clean-tech applications. Using this low input cost
source of graphene, the Company is developing value-added products
that target the massive energy efficiency and energy storage
markets. The Company is pursuing additional opportunities for GMG
Graphene, including developing next-generation batteries,
collaborating with world-leading universities in Australia, and
investigating the opportunity to enhance the performance of
lubricant oil and performance enhanced HVAC-R coating system.
For further information, please contact:
- Craig Nicol, Chief Executive Officer, and Managing Director of
GMGcraig.nicol@graphenemg.com+61 415 445 223
- Leo Karabelas at Focus Communications Investor Relations
(FCIR)leo@fcir.ca+1 647 689 6041
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward
Looking Information
This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Generally, but not always, forward-looking information
and statements can be identified by the use of words such as
"plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or the negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotation thereof. In particular, this
news release contains forward-looking information pertaining to the
following: the likelihood of completion of the Offering, the use of
proceeds from the Offering, the anticipated closing date of the
Offering and the ability to obtain the necessary regulatory
authority and approvals in connection with the Offering.
In making the forward-looking information in
this release, GMG has applied certain factors and assumptions that
are based on GMG’s current beliefs as well as assumptions made by
and information currently available to GMG. Although GMG considers
these assumptions to be reasonable based on information currently
available to it, they may prove to be incorrect, and the
forward-looking information in this release are subject to numerous
risks, uncertainties and other factors that may cause future
results to differ materially from those expressed or implied in
such forward-looking information. Such factors include, among
others: the inability to obtain the necessary regulatory approvals
from the applicable securities regulators or obtain the approval of
the TSXV in connection with the Offering, the occurrence of a
material adverse change, disaster, change of law or other failure
to satisfy the conditions to closing of the Offering; the inability
of the Company to apply the use of proceeds from the Offering as
anticipated; the ability of the Company to achieve its corporate
objectives or otherwise advance the progress of GMG; an inability
to predict and counteract the effects of COVID-19 on the business
of the Company; general market and industry conditions; and those
risks set out in the Company’s public documents filed on SEDAR.
Readers are cautioned not to place undue
reliance on forward-looking information. GMG does not intend, and
expressly disclaims any intention or obligation to, update or
revise any forward-looking information whether as a result of new
information, future events or otherwise, except as required by
law.
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