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- Hazer Group (HZR) has advised its $3 million share purchase plan has been oversubscribed by nearly $500,000
- Under the share purchase plan and a placement announced last month, the tech developer raised almost $6 million
- Funds will support Hazer’s process to create low-cost, low-emission hydrogen and graphite at its production facility
- Funds will also continue research and development activities and identify potential commercial partnerships
- Hazer shares remain flat today and are trading at 38 cents each
Hazer Group (HZR) has advised its $3 million share purchase plan which closed on November 29 oversubscribed with valid applications totalling $3,457,507.
The technology development company has raised a total of $5,957,507 under the share purchase plan and the recently announced institutional placement on November 4 2019.
The funds Hazer was looking to raise is to support its Commercial Demonstration Plant facility. The company has designed a process which uses natural gas and unprocessed iron to create low-cost, low-emission hydrogen and high-quality graphite.
This facility is the first fully integrated, operational production facility based on the Hazer Process.
Additionally, funds will continue research and development into applications for its graphite-advanced carbon material and progress business development to identify commercial partnerships and opportunities.
“The success of the placement and SPP provides Hazer with a strong platform as we progress our exciting program in 2020, including our proposed Commercial Demonstration Project and our leading R&D program,” Managing Director Geoff Ward said.
Under the terms, eligible shareholders could subscribe for up to $30,000 worth of fully paid Hazer shares at an issue price of $0.385.
Hazer shares remain flat today and are trading at 38 cents each at 2:00 pm AEDT.
