Arno Brand's Gratomic Inc. (GRAT) rose one-half cent to 27.5 cents on 295,000 shares. The company has sold another 4.73 million shares at 30 cents, raising $1.42-million in a second tranche of its $6-million placement. Gratomic sold 4.35 million shares in its first tranche a month ago, raising $1.3-million. And so, Gratomic remains less than halfway to its goal. Mr. Brand had promised the final closing of the placement late in February if not sooner, but now -- now that sooner has turned to later -- he says nothing about whether there will be a third tranche to help close the gap.
Gratomic says that its insiders can buy up to one-quarter of the shares being offered, adding that one fellow did step up to buy 747,765 shares for just under $225,000 in the second tranche. The company did not name him, but Mr. Brand self identified, cheering that "it is with great pleasure that I continue to participate in the offering alongside our shareholders." Continue is the operative word, as he also bought just over one million shares in the first tranche. The cash raised is for working capital, including operating cash for the company's Aukam graphite project in Namibia, where it hopes to start mining, on a trial basis at least, shortly.