Hydrograph closes $3.82-million private placement
Hydrograph closes $3.82-million private placement
2024-12-13 07:58 ET - News Release
Ms. Kjirstin Breure reports
HYDROGRAPH ANNOUNCES CLOSING OF ITS OVERSUBSCRIBED $3.8M PRIVATE PLACEMENT
Hydrograph Clean Power Inc. has closed its previously announced non-brokered private placement. Pursuant to the upsized and subsequently oversubscribed offering, Hydrograph issued an aggregate of 23,930,003 units of the company at a price of 16 cents per unit for aggregate gross proceeds of $3,828,800.
Net proceeds from the offering will be used to further commercial activity for the company's differentiated graphene products via application development at the GEIC (graphene engineering innovation centre) and other direct customer relationships, and for production upscaling, business development and general working capital purposes.
"I would like to thank our existing shareholders, notably Haywood Securities Inc. and PowerOne Capital Markets Ltd. for their continued support, and welcome new shareholders as we close on this oversubscribed financing in support of our patented graphene production technology," commented Kjirstin Breure, president and chief executive officer. "I envision a sustainable future built on our graphene and look forward to advancing Hydrograph's application development, scale-up and commercialization initiatives as we head into 2025."
Each unit consists of one common share in the capital of the company and one-half common share purchase warrant of the company. Each warrant entitles the holder thereof to purchase one common share at a price of 24 cents per warrant share for a period of 36 months after the closing date of the offering.
In connection with the offering, the company paid cash finders' fees to certain finders equal to 7 per cent of the gross proceeds raised by each finder, and issued to finders an aggregate of 1,113,350 finders' warrants, representing 7 per cent of the aggregate number of units sold to purchasers introduced to the company by such finders. Each finder's warrant entitles the holder thereof to acquire one finder unit at a price of 16 cents for a period of 36 months from the closing date. Each finder's unit will consist of one common share and one-half common share purchase warrant, and each finder's unit warrant will be exercisable to purchase an additional common share at a price of 24 cents per common share for a period of 36 months from the closing date. PowerOne Capital Market and Haywood Securities acted as finders in connection with a portion of the offering.
All securities issued in connection with the offering are subject to a hold period of four months and one day from Dec. 12, 2024.
About Hydrograph Clean Power Inc.
Hydrograph Clean Power is a leading producer of pristine graphene using an "explosion synthesis" process, which allows for exceptional purity, low energy use and identical batches. The quality, performance and consistency of Hydrograph's graphene follows the Graphene Council's Verified Graphene Producer standards, of which very few graphene producers are able to meet.
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