Applied Graphene Materials to raise £10.1 million to ramp up production

Applied Graphene Materials, producer of specialty graphene materials, has announced a share placing to raise £10.1 million to scale up its production facilities. AGM has conditionally raised £8.1 million (before expenses), through the placing of 4,628,571 New Ordinary Shares at 175p per share. It has also announced an Open Offer to raise up to £2m.

The company plans to ramp up production facilities to increase manufacturing capacity to six tonnes per year, and the funds will also be used to form collaborations and joint development activity with customers, including development of new intellectual property, fund the Group as it pursues production orders and finance the working capital requirements for at least twelve months.