Graphene Manufacturing Group Agrees to Raise US$10 Million

Graphene Manufacturing Group has agreed to raise about US$10 million from a private investor by issuing 6,465,336 shares, the Australian company said Sept. 22. The shares are priced at C$2.15 each.

GMG plans to use the proceeds to expand graphene and liquid-graphene production, increase battery-cell capacity, and commercialize liquid graphene products. Some funds will also go toward working capital and general corporate needs.

The financing comes as the company pushes to scale manufacturing and build sales for graphene-based products. GMG announced the official opening of its Gen 2.0 graphene plant on Sept. 16.

The company makes graphene materials for uses including industrial coatings, lubricants, coolants and batteries. Its battery work includes both graphene-enhanced materials and development of its next-generation battery technology.

The deal would add more than 6.4 million shares to GMG’s share base, reducing existing investors’ ownership percentage if completed. The company said no finder’s fees or commissions would be paid.

GMG said the placement was expected to close on or about Sept. 23, subject to approval from the TSX Venture Exchange and other required regulatory approvals. The company said it would issue a further announcement when the placement closes.