HydroGraph Clean Power has announced that, due to strong investor demand, it has increased the size of its non-brokered private placement of units previously announced in May 2024. Pursuant to the upsized offering, the Company will raise aggregate gross proceeds of up to CAD$3.2 million (over USD$2,300,000).
“We are extremely pleased to announce upsizing of our non-brokered private placement and the strong investing interest we have received from shareholders and new investors, reflecting their confidence in our vision and the strategic direction of the company. This upsized financing will support HydroGraph's commercialization and R&D efforts, allowing us to advance our application development activities in Manchester, bringing our pristine high-quality graphene to the market and driving future revenue,” commented Kjirstin Breure, President and interim Chief Executive Officer of HydroGraph.
Net proceeds from the offering will be used for furthering application development at the GEIC (Graphene Engineering Innovation Center) driven by customer interest, production upscaling, business development and general working capital purposes.
The offering is expected to close on or about June 11, 2024, or in any other date or dates as the Company may determine.