Group NanoXplore, a Montreal-based company specializing in the production and application of graphene and its derivative materials, announced that it will merge with Graniz Modal, a public company that trades in the Canadian stock exchange (TSX: GRA.H). Effectively, NanoXplore will become a public company.
As part of the transaction, NanoXplore will also make a brokered private placement and will raise between $2 million and $5 million CAD.
As part of the disclosure, NanoXplore also gave a financial statement. In the last 9 months, NanoXplore's revenues reached $2.55 million CAD. The company's loss amounted to $1.6 million CAD. NanoXplore also launched a new web site in preparation of the upcoming merger.