ZEN Graphene Solutions has announced that it completed its previously announced non-brokered private placement for aggregate gross proceeds of CAD$4,337,998 (around USD$3.46 million).
ZEN intends to use the net proceeds to fund capital expenditures and operating expenses at Guelph locations supporting the scale-up and production of its antimicrobial coating to serve existing client orders and create capacity for subsequent clients. ZEN also intends to continue to invest in its intellectual property related to graphene. Funds will also be used for general corporate purposes.
Greg Fenton, CEO commented: We want to thank our shareholders for this vote of confidence in our team and strategy. With this private placement now complete, the company is in a strong financial position to execute its business plan and accelerate the many research and development projects it has underway toward commercialization.