Teesside graphene plc looks to raise over £10m to scale up production
Teesside-based Applied Graphene Materials, the producer of specialty graphene materials, is seeking to fundraise £10.1m to scale up its productions.
The company has conditionally raised £8.1m before expenses through the placing of 4,628,571 New Ordinary Shares at 175 pence per share.
In addition, the firm has announced an Open Offer to raise up to approximately £2m, on the basis of 1 Open Offer Share for every 15 Existing Ordinary Shares held on the Record Date, at 175 pence each.
Net Proceeds are expected to be used to scale up the company’s production facilities to increase manufacturing capacity to six tonnes per annum.
The business also said capital raised would help to fund collaborations and joint development activity with customers, including development of new intellectual property.
Jon Mabbitt, Chief Executive Officer, said: “This fundraising is another significant step forward in the development of the Group and follows a period of strong progress for the business during which time Applied Graphene Materials has developed its commercial platform around its proprietary manufacturing process and graphene formulation know-how.
“The support received from investors enables the Group to continue working closely alongside customers via its collaboration and joint development activities, as we target production orders, as well as funding the scale up of our production facilities to increase manufacturing capacity.”
He added: “We are confident that the Group remains well positioned to become a leading graphene provider.”
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