Graphene Manufacturing Group Announces Closing of $3.45M Overnight Marketed Offering, Including Exercise In Full of the Over-Allotment Option

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BRISBANE, Australia, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Graphene Manufacturing Group Ltd. (TSX-V: GMG) (“GMG” or the “Company”) is pleased to announce that the Company has closed its previously announced overnight marketed public offering of units (the “Units”) of the Company, including exercise in full of the over-allotment option (the “Offering”). A total of 2,029,412 Units were sold at a price of C$1.70 per Unit for gross proceeds of approximately C$3.45 million. Each Unit is comprised of one ordinary share of the Company (each, an “Ordinary Share”) and one-half of one ordinary share purchase warrant (each whole ordinary share purchase warrant, a “Warrant”). Each Warrant shall entitle the holder to purchase one ordinary share of the Company (a “Warrant Share”) at an exercise price of C$2.20 per share at any time until August 16, 2027, subject to adjustment in certain events. The Offering was completed pursuant to an underwriting agreement dated August 10, 2023 among the Company and Raymond James Ltd., as lead underwriter and sole bookrunner, Eight Capital and H. C. Wainwright & Co. (collectively, the “Underwriters”).