Graphene Manufacturing Group raises $10M in private placement

BRISBANE, Australia - Graphene Manufacturing Group Ltd. has secured a private placement of 6.465 million ordinary shares, with a subscription price of CA$2.15 per share, according to a press release. The transaction, valued at roughly $10 million, is subject to approval from the TSX Venture Exchange. CEO Craig Nicol expressed enthusiasm over the investment, stating it validates the company's products and business model, enabling significant production expansion.

Non-Executive Chairman Jack Perkowski highlighted the funds will facilitate GMG's global growth strategy. The shares issued under the private placement will be subject to a 12-month on-sale restriction in Australia following the issuance date. GMG specializes in developing and selling energy-efficient and storage solutions utilizing graphene produced through its proprietary process.

The company's current focus areas include graphene-enhanced HVAC coatings, graphene lubricant additives, and graphene ion batteries.