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Carbonxt (ASX:CG1) Completes AU$1M Placement to Ramp Up Activated Carbon Plant in the U.S.

December 20, 2024 12:58 PM AEDT | By Sonal Goyal
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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.

CG1 shares were trading at AU$0.061 apiece at the time of drafting on 20 December 2024.


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