Graphene 3D Lab Inc. Closes Oversubscribed Private Placement and Raises $212,000
October 16, 2019 - TheNewswire - Vancouver, BC, Canada - Graphene 3D Lab Inc. (the "Company" or "Graphene") (TSXV:GGG) (OTC:GPHBF) is announcing that further to its news release on September 30, 2019, the Company has now closed an oversubscribed private placement for gross proceeds of $212,000.
In connection with the current placement, the Company will issue 4,240,000 units (each, a "Unit") at a price of $0.05, consisting of one common share and one common share purchase warrant entitling the holder to acquire one additional common share at a price $0.12 per share for a period of twenty-four (24) months. The common share purchase warrants are subject to acceleration at the Company's discretion in the event the Company's common shares trade on a volume weighted average price (VWAP) basis of $0.16 or more for a period of ten consecutive trading days.
The securities issued by the Company in connection with the private placement will be subject to a four month hold period from the date of issuance as prescribed by applicable securities laws. Insiders subscribed for 1,800,000 Units in connection with the placement. No finders' fees were paid in relation to closing of the placement. The issuance of securities in connection with the closing of the placement is subject to TSX approval.
The Company intends to use the net proceeds from the private placement for research and development activities and general working capital purposes.
For More Information:
Chief Executive Officer
Telephone: (631) 405-5113
Telephone: (631) 405-5114
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