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.
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.
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