Advanced materials company, First Graphene (ASX:FGR) has received firm commitments for a placement to raise $3.5 million at an issue price of $0.15.
The raised funds will be used for general working capital purposes and to advance the Company’s facility at the Graphene Engineering Innovation Centre at the University of Manchester.
Additionally, there will be an increasing effort to expand the sales and marketing functions of the Company.
The company is waiting to register PureGRAPH™ for sale in Australia. This is expected to happen by next month.
The company can then start selling PureGRAPH to a number of WA based customers.
As we have previously reported, First Graphene has already received regulatory approval to sell graphene products into the UK and Europe.
Shares in First Graphene (ASX:FGR) 5.8 per cent higher at 18 cents.