Gratomic Inc., Toronto, Canada, has announced that it successfully raised $626,000 in the recent Non-Brokered Private Placement, final approval for which was obtained from TSXV on April 6, 2020. The company placed 11,128,888 working capital units (“WC Units”). Each WC Unit was priced at $0.05625 and consisted of one common share and one common share purchase warrant (a “WC Warrant”).
Each WC Warrant entitles the holder to acquire one (1) common share (a “WC Warrant Share”) at $0.10 per WC Warrant Share until the earlier of: (i) three (3) years following the Closing of the Offering; and (ii) in the event that the closing price of the Common Shares on the TSX Venture Exchange is at least $0.30 for twenty (20) consecutive trading days, and the 20th trading day (the “Final Trading Day”) is at least four (4) months from the Closing Date, the date which is thirty (30) days from the Final Trading Day.
The Private Placement was initially slated to close February 18, 2020. However, the company decided to extend the offering for an additional thirty days (30) to allow additional time to accumulate the original desired amount of $2.5 million. Due to unforeseen market conditions and managerial reorganization, the company decided to terminate the offering.
Gratomic’s President and CEO, Arno Brand, stated: “I am grateful to investors for their confidence in the company and its potential.”
About Gratomic Inc.
Gratomic is an advanced materials company focused on mine to market commercialization of graphite products most notably high value graphene-based components for a range of mass market products. We have a Joint Venture collaborating with Perpetuus Carbon Technology, a leading European manufacturer of graphenes, to use Aukam graphite to manufacture graphene products for commercialization on an industrial scale. The Company is listed on the TSX Venture Exchange under the symbol GRAT.