International Graphite has successfully raised $3M this week via a placement of 24 million new shares with binding commitments from sophisticated and professional investors.
Shares were offered at an issue price of $0.125 per new share. This is the first capital raising since the Company’s IPO in 2022.
Following the success of the placement, the company has launched a share purchase plan (SPP) offer giving existing shareholders the opportunity to apply for up to $30,000 each in shares, at the same discounted price as the placement. The SPP aims to raise a further $1M.
The Offer Price of $0.125 per share represents a discount of 15.08% on the volume weighted average market price of the Company’s shares over the previous 14 trading days.
Proceeds from the placement and SPP will be used to advance feasibility study activities at the Springdale Graphite Project, battery anode testwork feasibility studies and to provide working capital.
The financings follow the award of a $6.5M grant from the Western Australian Government announced on 20 April 2024.
Managing Director and CEO Andrew Worland said, “I would like to welcome and thank new shareholders to the Company and thank those existing shareholders who have participated in the placement.
Documentation has been sent to eligible shareholders inviting them to take up the SPP offer.