- Graphite company EcoGraf (EGR) has received firm commitments from investors for a $1.6 million placement
- Approximately 24.6 million shares will be issued to sophisticated, professional and institutional investors at a price of 6.5 cents each
- EcoGraf will also offer shareholders the opportunity to participate in a share purchase plan to raise up to $500,000
- Eligible shareholders will be able to purchase up to $30,000 worth of shares in the company
- Money from both the placement and share purchase plan will also go towards developing EcoGraf’s battery graphite facility in Western Australia
- EcoGraf is up 5.33 per cent and shares are currently trading for 7.9 cents each
Graphite company EcoGraf (EGR) has received firm commitments from investors for a $1.6 million placement.
Approximately 24.6 million shares will be issued to sophisticated, professional and institutional investors at a price of 6.5 cents each.
This price represents a seven per cent discount to the five-day volume-weighted average price of shares prior to the placement.
EcoGraf will also offer shareholders the opportunity to participate in a share purchase plan to raise up to $500,000.
Eligible shareholders will be able to purchase up to $30,000 worth of shares also at a price of 6.5 cents each.
Money from both the placement and share purchase plan will be used towards developing EcoGraf’s state-of-the-art battery graphite facility in Western Australia.
This new state-of-the-art processing facility will manufacture spherical graphite products for export to Asia, Europe and North America.
These products will be created via an environmentally responsible purification technology, providing customers with a sustainably produced and high performing battery anode graphite.
EcoGraf plans to create additional processing facilities in Europe and North America.
The money will also go towards securing Government funding for the Epanko US$60 million debt financing proposal.
EcoGraf is up 5.33 per cent and shares are trading for 7.9 cents each at 12:41 pm AEST.