Gratomic Announces Non-Brokered Private Placement
July 21 2018 - 1:41PM
TORONTO, July 21, 2018 (GLOBE
NEWSWIRE) -- Gratomic Inc. ("GRAT" or
the "Company") (TSX-V:GRAT) (FRANKFURT:CB81)
(WKN:A143MR) is pleased to announce the offering of a non-brokered
private placement of up to 20,000,000 working capital units (the
"WC Unit") for up to $2,000,000 (the
"Offering").
Each WC Unit is priced at $0.10
and consists of one (1) common share and one (1) common share
purchase warrant ("WC
Warrant"). Each WC Warrant entitles the holder to
purchase one (1) common share (a "WC Warrant
Share") at a price of $0.20 per WC Warrant Share until the
earlier of: (i) three (3) years following the Closing of the
Offering; and (ii) in the event that the closing price of the
Common Shares on the TSX Venture Exchange is at least $0.30 for ten
(10) consecutive trading days, and the 10th trading day (the
"Final Trading Day") is at least
four (4) months from the Closing Date, the date which is thirty
(30) days from the Final Trading Day.
Eligible Finders may receive 5% of
the value of proceeds of the sale of WC Units in cash and 5%
of the number of WC Units sold in the form of broker warrants (the
"Selling Commission"). Each
broker warrant (a "Broker Warrant")
issued in respect of the sale of WC Units entitles the holder to
acquire one (1) common share of the Company at $0.10 for a period
of three (3) years from the Closing of the Offering. The Company
has agreed to pay First Republic Capital Corporation
("First Republic") a corporate
finance fee equal to 2% of the gross proceeds of the Offering and
issue to First Republic corporate finance Broker Warrants equal to
2% of the aggregate number of WC Units as consideration for waiving
its right of first refusal in respect of the Offering. First
Republic will have the right to place up to $250,000 of the
Offering with its clients and will receive a Selling Commission in
respect of any WC Units placed.
The Offering is expected to close
on or before August 3, 2018, subject to TSX Venture Exchange
approval, or such other date as is agreed between the Company and
the subscribers. All securities issued under the Offering are
subject to a statutory four-month hold period.
Insiders of the Company may
subscribe for up to 25% of the Offering. The insider private
placements are exempt from the valuation and minority shareholder
approval requirements of Multilateral Instrument 61-101
("MI 61-101") by virtue of the
exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101
in that the fair market value of the consideration for the
securities of the Company which may be issued to the insiders does
not exceed 25% of its market capitalization.
About
Gratomic Inc.
Gratomic Inc. is an advanced
materials company focused on mine to market commercialization of
graphite products most notably high value graphene based components
for a range of mass market products.
For more information: visit the
website at www.gratomic.ca or contact: Arno Brand, Co-CEO
+1 416-561-4095 abrand@gratomic.ca
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
FORWARD LOOKING
STATEMENTS: This news release contains forward-looking statements,
which relate to future events or future performance and reflect
management's current expectations and assumptions. Such
forward-looking statements reflect management's current beliefs and
are based on assumptions made by and information currently
available to the Company. Investors are cautioned that these
forward-looking statements are neither promises nor guarantees and
are subject to risks and uncertainties that may cause future
results to differ materially from those expected. These
forward-looking statements are made as of the date hereof and,
except as required under applicable securities legislation, the
Company does not assume any obligation to update or revise them to
reflect new events or circumstances. All of the forward-looking
statements made in this press release are qualified by these
cautionary statements and by those made in our filings with SEDAR
in Canada (available at www.sedar.com).
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Gratomic via Globenewswire
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