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Successful Completion of $0.6M Placement

Carbonxt Group Limited (Carbonxt or the Company) is pleased to announce that it has successfully raised$0.6m (before costs) through the placement (“the Placement”) of 10m new fully paid ordinary shares at an issue price of $0.06 (“Placement Shares”). The Placement Shares will be issued under the Company’s available placement capacity as per ASX Listing Rule 7.1 and 7.1A on 18 December 2023.

The Placement was completed in connection with Carbonxt’s capital raise to raise approximately $2.94m before costs, which also comprises a non-renounceable pro-rata Entitlement Offer to existing shareholders (refer ASX Announcement 4 December 2023).

As part of the capital raise, the Company will make a further placement of 8.33m new fully paid ordinary shares at an issue price of $0.06 to Pure Asset Management, to raise an additional $0.5m. These shares will be issued in January 2024 concurrently with the allotment of the Entitlement Offer shares under the Company’s available placement capacity as per ASX Listing Rule 7.1 and 7.1A.

Funds raised will be used to provide funding to the Company for the development of the Kentucky Facility and for working capital purposes.

Managing Director Warren Murphy commented: “We are pleased to confirm the successful completion of the Placement component of Carbonxt’s capital raise. The short time to completion was reflective of strong support from a network of institutional and sophisticated investors. These funds provide the Company with working capital to assist management oversee the accelerated construction activity at our flagship activated carbon production facility in Kentucky, USA. Alongside the funds from the fully-underwritten Entitlement Offer, Carbonxt will be well-capitalised to execute on its stated strategy to deliver a material uplift in production and sales once the NewCarbon facility is operational in CY2024.”

Lead Manager for the Placement were Sanlam Private Wealth. The Lead Manager will be entitled to receive a fee of 6% on the funds raised by them.

Click here for the full ASX Release

This post appeared first on investingnews.com

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