Gratomic Inc (TSXV: GRAT) announced on Friday that it is extending its previously announced non-brokered private placement offering until February 8, 2022. The $27.0 million offering is fully-subscribed, according to the company.
“It is anticipated that a first closing will be effected on January 26, 2022, with a final closing scheduled for February 8, 2022,” the company statement read.
The offering consists of 19.3 million working capital units selling at $1.40 per unit. Each unit contains one common share and one-quarter of a purchase warrant. Each whole warrant can be exercised for one common share at $1.45 per share within six months following the closing.
As part of the offering, the company agreed to pay First Republic Capital Corporation a fee equal to 2% of the gross proceeds “as consideration for waiving its right of first refusal.” First Republic also reserves the right to place up to $5.0 million of the offering with its own clients.
The proceeds of the offering are expected to be used on Aukam project’s operating capital ($17.0 million), Capim Grosso property exploration ($6.0 million), and general working capital ($4 million).
Gratomic Inc is currently trading at $1.30 on the TSX Venture.
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