TORONTO, ON / ACCESSWIRE / February 11, 2020 / Gratomic Inc. ("GRAT" or the "Company") (TSXV:GRAT)(FRANKFURT:CB81) (WKN:A143MR) is pleased to announce that it has closed the third tranche of its non-brokered private placement, referred to in the Press Release dated January 17, 2020 (the "Offering"), and raised a further $128,187.50 through the issuance of 2,190,000 Working Capital Units ("WC Units") for aggregate gross proceeds to date of $626,000.
Each WC Unit is priced at $0.05625 and consists of one (1) post-consolidated common share and one (1) common share purchase warrant ("WC Warrant"). Each WC Warrant entitles the holder to purchase one (1) common share (a "WC Warrant Share") at a price of $0.10 per WC Warrant Share until the earlier of: (i) February 11, 2023; and (ii) in the event that the closing price of the Common Shares on the TSX Venture Exchange is at least $0.30 for twenty (20) consecutive trading days, and the 20th trading day (the "Final Trading Day") is at least four (4) months from the Closing Date, the date which is thirty (30) days from the Final Trading Day.
All securities issued pursuant to the second closing are subject to a hold period expiring on June 12, 2020.
The Offering will remain open until the earlier of February 17, 2020 and the sale of the remaining WC Units. The proceeds from the Offering will be used for working capital, payment of existing debts of the Company, further mine development at Aukam as well as for product development, product marketing, customer development, pilot production and further research and development.
About Gratomic Inc.
Gratomic is an advanced materials company focused on mine to market commercialization of graphite products most notably high value graphene based components for a range of mass market products. We have a JV collaborating with Perpetuus Carbon Technology, a leading European manufacturer of graphenes, to use Aukam graphite to manufacture graphene products for commercialization on an industrial scale. The Company is listed on the TSX Venture Exchange under the symbol GRAT.
For more information: visit the website at www.gratomic.ca or contact:
Arno Brand, Co-CEO, +1 416-561-4095 E-mail inquiries: [email protected]
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE: Gratomic Inc.