Carbonxt Group (ASX:CG1) raising AU$3.02M to advance US Activated Carbon Plant

September 24, 2024 11:02 AM AEST | By Sonal Goyal

Carbonxt Group (ASX:CG1) raising AU$3.02M to advance US Activated Carbon Plant — Image source: Pexels

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Highlights

CG1 is raising AU$3.02 million through a share placement at AU$0.065 per share.

Funds will be directed towards NewCarbon Processing LLC to build the activated carbon processing facility in the US.

The placement received support from a network of sophisticated and high net-worth investors, and family offices.

Carbonxt Group Ltd (ASX:CG1) has secured firm commitments for a placement of 46.4 million shares at AU$0.065 per share, raising AU$3.02 million before costs. The placement received strong support from a network of sophisticated and high net-worth investors, as well as family offices.

The funds will be used to increase the ownership of NewCarbon Processing, LLC - a joint venture with Kentucky Carbon Processing LLC, CG1’s US investment partner, to build a state-of-the-art activated carbon plant in the US. Additionally, a portion of the funds will cover costs associated with the offer and for working capital.

Details of the placement

The issue price of AU$0.065 per share represents a discount of 9% to the 15-day VWAP of CG1 shares as of 19 September 2024.

Subject to shareholder approval at the upcoming annual general meeting, participants will receive an unlisted option priced at AU$0.10 per share on a 1:2 basis, with a two-year term.

The shares are expected to be issued on 1 October 2024, with trading expected to commence on 2 October 2024.

CG1 shares traded at AU$0.070 apiece on 19 September 2024.

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