Hydrograph Clean Power (CSE: HG) this morning revealed that insiders took down a significant amount of a financing closed last week. Insiders reportedly contributed 17% of the total funds raised.
The financing in question relates to a $4.2 million oversubscribed private placement that was non-brokered. The deal saw the company issue 35.2 million units at a price of $0.12 per each. Each unit contained one common share and one half of a common share purchase warrant, which are valid for a period of two years and contain an exercise price of $0.20 per share.
The warrants are also subject to an acceleration clause in the event the company trades above $0.30 for a period of ten consecutive trading days.
Sponsored · Altamira Gold Corp.
Of the 35.2 million units, 5.8 million were said to be purchased by management and members of the firms board.
“The $700,000 raised by management is significant in that those who know us and those who have come to know us as we have ramped up commercialization are taking a significant equity position in the Company,” commented CEO Stuart Jara.
The insider participation follows the company recently being certified by the Graphene Council as a Verified Graphene Producer. The firm uses a patented detonation process to achieve consistent, high-quality graphene with low energy use and no emissions, and is currently in the process of commercialization.
Hydrograph Clean Power last traded at $0.14 on the CSE.
FULL DISCLOSURE: HydroGraph Clean Power is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover HydroGraph Clean Power on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
