Graphene Manufacturing Group (GMG) has announced AUD$5 million (around USD$3,146,000) bought deal public offering, with a syndicate of underwriters led by Ventum Financial Corp. The Company intends to use the net proceeds of the offering to expand its production capacity to increase sales, continue ongoing research and development to progress the Graphene Aluminum-Ion Battery with BIC Indiana, preparation to uplist on a major US exchange, working capital and general corporate purposes.
In addition, GMG announced that it, C&W Services Singapore and ACMES, GMG's Singapore Thermal-XR distributor, have successfully completed energy savings case studies with a Singapore bank. The energy savings was seen on average between 10% to 20%. Following the successful case study, the bank is now exploring the potential to scale the application of Thermal-XR Enhance across more branches.
GMG's Managing Director and CEO, Craig Nicol, commented: "Our partnership with C&W Services and ACMES has been very successful thus far and we look forward to implementing more energy savings projects with THERMAL-XR® Powered by GMG Graphene with various other companies in Singapore and around the world."
