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Carbonxt Group (ASX: CG1) launches AU$2.94M capital raise to fund Kentucky Facility - Kalkine Media

December 04, 2023 01:40 PM AEDT | By Sonal Goyal
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Highlights

  • Carbonxt has announced a capital raise of AU$2.94 million through a placement and an entitlement offer.
  • Through the non-renounceable pro-rata entitlement offer, CG1 seeks to raise AU$1.84 million.
  • Funds raised will be directed towards development of the Kentucky Facility.

Carbonxt Group Limited (ASX: CG1) has launched a capital raise of up to AU$2.94 million via a placement and an entitlement offer.

Under the placement to sophisticated and professional investors, the company proposed to issue 10 million shares at an issue price of AU$0.06 per share. Sanlam Private Wealth is the lead manager/broker of the placement.

While, under the entitlement offer, eligible shareholders will get the opportunity to apply for one new share for every nine shares held as on 8 December 2023 at an offer price of AU$0.06 per share. It is expected that the offer would raise around AU$1.84 million with the issue of over 30.58 million shares.

The funds raised will be used for development of the Kentucky facility.

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The offer is fully underwritten by Chaleyer Holdings Pty Ltd. The offer price of AU$0.06 apiece represents a discount of 7.7% to the closing price of AU$0.065 apiece as on 1 December 2023. Moreover, the price represents a discount of 11.4% to the 10-trading day VWAP up to and including 1 December 2023.

Tentative closing date of the capital raise is 3 January 2024, and new shares under the offer are expected to be issued by 8 January 2024. The shares are expected to commence trading on ASX on 9 January 2024.

About Kentucky Facility

The state-of-the-art activated carbon production facility is located in Kentucky, the United States. Construction activities are going ahead of schedule, and commissioning of the plant is expected in January 2024.

The plant is anticipated to have initial production of 10k tons per annum of activated carbon products. The capacity could be expanded to up to 20k tons per annum.

Carbonxt shares last traded at AU$0.065 apiece.

 


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