TORONTO, ON / ACCESSWIRE / April 6, 2020 / Gratomic Inc. ("GRAT" or the "Company") (TSXV:GRAT)(FRANKFURT:CB81) (WKN:A143MR) is pleased to announce that it successfully raised gross proceeds of $626,000 in the recent Non-Brokered Private Placement, final approval for which was obtained from TSXV on April 6, 2020.. The Company placed 11,128,888 working capital units ("WC Units"). Each WC Unit was priced at $0.05625 and consisted of one (1) common share and one (1) common share purchase warrant (a "WC Warrant"). On the first closing on December 18, 2019, the Company paid a cash finder's fee of $9084.38 and issued 161,500 broker warrants ("Broker Warrants") to Walter Luke. Each Broker Warrant issued in respect of the sale of WC Units entitles the finder to acquire one (1) common share of the Company at $0.05625 until December 18, 2022.
Each WC Warrant entitles the holder to acquire one (1) common share (a "WC Warrant Share") at $0.10 per WC Warrant Share until the earlier of: (i) three (3) years following the Closing of the Offering; 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.
The Private Placement was initially slated to close February 18, 2020. However, the Company decided to extend the Offering for an additional thirty days (30) to allow additional time to accumulate the original desired amount of $2.5 million. Due to unforeseen market conditions and managerial reorganization, the Company decided to close the financing on the $626,000 raised.
Gratomic's President and CEO, Arno Brand, stated: "I am grateful to investors for their confidence in the Company and its potential."
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 Joint Venture 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 at [email protected] or 416 561-4095
"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.