Advanced materials company, First Graphene Limited (“FGR” or “the Company”) (ASX: FGR) is pleased to announce it has received firm commitments for a placement to eligible institutional and sophisticated investors of approximately 23.3 million fully paid ordinary shares (“Shares”) in the Company at an issue price of $0.15 to raise $3.5 million (before costs) (“Placement”).
The issue of Shares is within the Company’s capacity under Listing Rule 7.1 and will not require shareholder approval. Foster Stockbroking Pty Ltd acted as Lead Manager to the Placement.
Funds raised will be used for general working capital purposes and to advance the Company’s facility at the Graphene Engineering Innovation Centre at the University of Manchester. Additionally, there will be an increasing effort to expand the sales and marketing functions of the Company.
The next significant event on the horizon for First Graphene is the impending registration of PureGRAPH™ for sale in Australia, expected to be achieved in May 2019. Upon receipt of the registration notice, the Company will be in a position where it can legally commence sales of PureGRAPH™ to a number of W.A.-based customers with deliveries ramping up through the balance of 2019.
As previously advised, First Graphene has already received regulatory approval to sell graphene products into the UK and
Europe. Discussions are being held with a number of potential customers and we anticipate that some of these will lead to sales contracts being executed in 2019. The Company will advise the ASX as to the progress of these discussions when they become commercially relevant.
FGR is also pleased to advise it has become a Corporate Member on the Industry Council of the National Graphene Association, based in the USA.
About First Graphene (ASX: FGR)
First Graphene Ltd. is the leading supplier of high-quality, bulk graphene products. The Company has a robust manufacturing platform based upon captive supply of high-purity raw materials and an established 100 tonnes/year graphene production capacity. Commercial applications are now being progressed in industrial composites & rubbers, fire retardancy, construction and energy storage.
First Graphene Ltd. is publicly listed in Australia (ASX: FGR) and has a primary manufacturing base in Henderson, near Perth, WA. The Company was recently incorporated in the UK as First Graphene (UK) Ltd. and is a Tier 1 partner at the Graphene Engineering and Innovation Centre (GEIC), Manchester, UK.