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The Company notes that while in the process of finalising the subscription book in connection with the Offering, it became apparent that a number of significant orders had been received before the Company’s trading halt was lifted but that such orders were not reflected in the Offering allocation. The Company has therefore determined to proceed with the Private Placement in order to recognise these good faith orders separately.
The Company intends to sell up to 420,560 Units at a price of
The Private Placement is expected to close concurrently with closing of the Offering on or about
The Units will be sold on a prospectus exempt basis in
All securities issued pursuant to the Private Placement will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.
In connection with the Private Placement, the Company may pay finders’ fees as permitted by the policies of the
The Company anticipates using the proceeds of the Private Placement in the same manner as the proceeds of the Offering which includes, among other things, to develop a commercial coin cell graphene aluminum-ion battery prototype, front end design and commence building of a battery manufacturing facility (subject to a successful prototype and a final investment decision) and for working capital and general corporate purposes.
About GMG
GMG is a clean-tech, disruptive company that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By use of 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 also pursuing additional opportunities for GMG graphene including the development of next generation batteries, collaborating with world leading universities in
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Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, statements with respect to the anticipated size of the Private Placement, the anticipated Offering Price, the completion of the Private Placement and the Offering, the anticipated use of the net proceeds from the Private Placement and the Offering, the receipt of all necessary approvals, including the approval of the
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Copyright (c) 2021 TheNewswire - All rights reserved., source