Graph Blockchain To Raise $10 Million From Institutions

Graph Blockchain (CSE: GBLC) last night announced that it will be conducting a private placement with institutional investors. The financing will see a total of $10.0 million raised in a financing lead by HC Wainwright & Co.

Under the terms of the financing, units will be sold at a price of $0.13 per each, with each unit containing one common share and one common share purchase warrant. Warrants are valid for a period of five years from the date of issuance, and contain an exercise price of $0.175 per share.

Proceeds from the financing will be used for working capital and general corporate purposes, including the acquisition of assets as well as potential strategic acquisitions or transactions.

The financing is currently slated to close March 26, 2021.

Graph Blockchain last traded at $0.175 on the CSE.

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