News and Announcements
First Graphene Ltd (ASX: FGR) Raises $3.2 Million by Share Placement
- Published March 19, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- FGR has successfully raised $3.2 million in the most recent share placement.
- These funds will be used to increase international awareness as FGR was approached by a European-based industrialist wanting to introduce graphene to its products.
Advanced materials company, First Graphene Limited (ASX: FGR) is pleased to advise it has received firm commitments for a placement of shares at $0.18 raising $3.2 million.
The international awareness strategy of First Graphene is gaining traction. This strategy is based on enhancing the international awareness of the company’s leading position as a high-quality supplier of bulk volume graphene as well as a creator of valuable IP.
FGR recently participated in a technology-based conference held in Singapore, where it received a conducive reception. This was mainly influenced by Singapore’s active involvement in the search for technology and advanced sciences. FGR is more likely to expand its business in Singapore as a result of the country’s connections with the Asian countries as well as businesses.
The company has raised $3.2 million following the acquisition of firm commitments for the placement of shares at $0.18. Shareholder approval will not be needed for the 17.7m shares issue as well as the option securities issue. The FGROC options are set to be attached by the shares issued on a ratio of 1:2. Most of the shares in the placement will go to a European-based
industrialist. A detailed study of the companies with graphene credentials as well as the graphene sector saw the industrialist approach FGR. This exhibited FGR as a company of merit hence boosting its reputation.
About First Graphene Limited (ASX: FGR)
First Graphene is an advanced materials company seeking to position itself in the lowest cost quartile of global graphene suppliers. It has developed an environmentally sound and safe method of converting its supplies of ultra-high-grade graphite into the lowest cost highest quality graphene, in bulk quantities.
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