Graphen Manufacturing Group (GMG) has agreed to sell 1,819,000 units of its shares in a $5 million “bought deal.”
GMG signed the agreement with Eight Capital as lead underwriter and sole bookrunner, along with a syndicate of underwriters.
As part of the transaction, underwriters will be granted an over-allotment option to purchase up to an additional 15 per cent of the units at the issue price, and/or the components thereof, exercisable in whole or in part, at any time on or prior to the date 30 days after the offer is closed.
GMG said it will use the net proceeds of the deal to support growth initiatives and general corporate purposes.
The transaction, which is slated to be completed by 29 November, is subject to certain conditions, including the receipt of all necessary approvals, including that of the TSX Venture Exchange and the applicable securities regulatory authorities.
