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Highlights
- CG1 raised AU$1 million through a placement of 17.1 million shares at AU$0.06/share to a small group of fund managers.
- The funds raised will support the scaling up of operations at its Kentucky activated carbon plant.
- Carbonxt increased its stake in the Kentucky Carbon Processing facility to 40.3%.
Carbonxt Group Ltd (ASX:CG1) has received firm commitments for share placement of 17.1 million CG1 shares at AU$0.06 per share to raise AU$1 million. The placement has received strong backing from a small group of fund managers and high-net-worth and sophisticated investors.
The funds will be used in scaling up operations at the company’s state-of-the-art activated carbon plant, situated in Kentucky, USA. This follows the recent completion of all on-site mechanical works at the facility.
Details of the Placement
The Share Placement was priced at AU$0.06 per share, representing a 4.7% discount to the 5-day Volume Weighted Average Price (VWAP) of Carbonxt shares as of 19 December 2024 (last trading day before the placement announcement).
Each share issued through placement includes an unlisted two-year option, exercisable at AU$0.10 per share on a 1:2 basis.
Shares under this placement will be issued on 24 December 24 and are expected to begin trading on 27 December 2024.
Increased Ownership in Kentucky Facility
In line with its operating agreement, Carbonxt has made an additional payment to Kentucky Carbon Processing, LLC, increasing its ownership stake in the Kentucky facility to 40.3%. The company retains the option to further increase its stake to 50% by meeting three additional milestones.
CG1 shares were trading at AU$0.061 apiece at the time of drafting on 20 December 2024.
