DGAP-News EcoGraf Successfully Completes A$54.6 Million Institutional Placement to Accelerate Construction of Australian Battery Anode Material Facility
DGAP-News: EcoGraf Limited / Key word(s): Miscellaneous
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EcoGraf Successfully Completes A$54.6 Million Institutional Placement to Accelerate Construction of Australian Battery Anode Material Facility
Capital raising positions EcoGraf to advance battery recycling opportunities and conduct preliminary siteworks for a 2nd battery anode material facility in Europe
- Firm commitments received to raise A$54.6 million, with cornerstone investments from North American, German and Australian institutional investors.
- Strong institutional investor interest highlights EcoGraf's superior, environmentally responsible purification technology, providing customers with sustainably produced battery anode materials.
- EcoGraf is now fully funded to complete phase one construction of its Australian commercial-scale battery anode material purification facility.
EcoGraf Limited (EcoGraf or the Company) (ASX: EGR) is pleased to announce that it has received firm commitments to raise A$54.6 million (before costs) via a share placement to institutional, sophisticated and professional investors at A$0.60 per share, with approximately 91 million new fully-paid ordinary shares to be issued (Placement).
Canaccord Genuity acted as Lead Manager and Bookrunner to the Placement.
Cornerstone investment was provided by three significant institutional investors: a New York-based ESG fund, a German-based global fund manager and a leading Australian fund manager.
Proceeds of the Placement will be used to fund the following:
- Construction and operational commissioning of the first phase of the battery anode material purification facility in Western Australia;
- Advancement of the battery anode material recycling programs;
- Finalisation of debt financing arrangements for the Epanko graphite mine;