Join our daily newsletter At The Bell to receive exclusive market insights
- Quantum Graphite (QGL) has received firm commitments to raise $2 million through a placement of new shares to investors
- The company will issue approximately 30.77 million placement shares to investors at an issue price of 6.5 cents each
- Quantum Graphite’s issued shares should settle on March 24 and begin trading on the ASX after the company resumes trading
- Placement proceeds will fund the company’s ongoing research and development into processing flake graphite for thermal energy storage applications
- Quantum Graphite’s shares are currently suspended from trading, and last traded at 5.1 cents per share
Quantum Graphite (QGL) has received firm commitments to raise $2 million through a placement of new shares to investors.
The company will issue approximately 30.77 million shares to eligible institutional and sophisticated investors, including members of the Board of Directors.
The related parties participating in the equity capital raise, which include some Board members, will broadly be seeking to maintain their respective interests in Quantum Graphite, on a fully diluted basis.
The placement shares will be issued at a price of 6.5 cents each and will represent approximately 13.4 per cent of Quantum Graphite’s existing share capital.
Roughly 22.93 million of the 30.77 million shares will be issued to unrelated parties, while the remaining 7.84 million shares will be issued to related parties, pending shareholder approval. The company will hold a shareholder meeting to seek approval for the issued of shares to related parties on May 3, 2021.
Quantum Graphite’s issued shares are expected to settle on March 24, 2021. They will begin trading on the ASX once the suspension from trading that is currently imposed on company securities is lifted.
The company did not specify when it expects its shares to resume trading on the ASX.
Proceeds from Quantum Graphite’s placement will fund the company’s ongoing research and development into the advanced processing of flake graphite for thermal energy storage applications.
Some funds from the capital raise may also go towards Quantum Graphite’s ongoing working capital.
Quantum Graphite’s shares are currently suspended from trading, and last traded at 5.1 cents per share.
