HydroGraph closes $2.31M private placement
by CM staff
HydroGraph intends to use the net proceeds from the offering primarily to further progress customer engagement and product acceptance.
VANCOUVER — HydroGraph Clean Power Inc., has completed its previously announced non-brokered private placement. Pursuant to the offering, the company issued an aggregate of 19,237,666 units of the Company at an issue price of $0.12 per unit for aggregate gross proceeds of approximately $2.31 million.
“It is quite an exciting time where we close another oversubscribed successful funding round with strong support from our shareholders, management and new investors,” said Stuart Jara, CEO of HydroGraph. “Funding will allow us to accelerate commercialization of our graphene including business development and customer acquisition activities. The Board and I are appreciative of the continued support of the Company, our strategy and our focus on creating shareholder value.”
Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each Warrant entitles the holder thereof to purchase one common share at a price of $0.12 per warrant share for a period of 24 months after the closing date of the offering, subject to an acceleration right exercisable by the company, if on any ten consecutive trading days the daily volume weighted average trading price of the common shares on the Canadian Securities Exchange is $0.30 or greater per common share.
HydroGraph intends to use the net proceeds from the offering primarily to further progress customer engagement and product acceptance. A portion of the funds will also be used to extend the company’s graphene product and application portfolio.
