𝐆𝐌𝐆 𝐂𝐥𝐨𝐬𝐞𝐬 𝐔𝐒$𝟏𝟎 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐏𝐥𝐚𝐜𝐞𝐦𝐞𝐧𝐭

#GrapheneManufacturingGroup Ltd. is pleased to announce the closing of its previously announced non-brokered private placement with a private investor pursuant to which the Subscriber has subscribed for 6,465,336 ordinary shares of the Company at a price of CA$2.15 per Ordinary Share for total gross proceeds to the Company of approximately US$10,000,000. The private placement has received conditional approval from the TSX Venture Exchange.

The Company intends to use the net proceeds of the Private Placement for the scale-up of #grapheneproduction and liquid graphene production capacity, scale-up of #batterycell production capacity, commercialisation of #liquidgraphene products, working capital and general corporate purposes.

No finder’s fees or commissions were paid in connection with the Private Placement.

The securities described above were issued in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder, and have not been registered under the Securities Act or applicable securities laws of any state of the United States. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable securities laws of any state of the United States.

The Ordinary Shares issued under the Private Placement are also subject to on-sale restrictions in Australia for a period of 12 months from the date of issue.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction.

source : GMG