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First Graphene Limited (ASX:FGR) is an advanced material company which develops and produce graphene products and associated intellectual property, announced that it had joined hands with Steel Blue for the product development of graphene-enhanced safety boots.
FGR and Steel Blue has agreed to jointly work together by including Graphene into existing and new materials of Steel Blue footwear. By this, the performance of Steel Blue footwear will improve. Also, the user of the footwear will experience the benefits of the advanced materials in safety footwear.
In oil and gas industries, the toe cap in the footwear is made up of a composite to eliminate spark potential from steel caps. The addition of graphene to the composite toe cap will improve the strength features of the toe cap and will also provide additional user benefits.
The company has plans to enhance the other boot component by introducing PureGRAPH⢠which will soon enter the trial phase.
Craig McGuckin, who is the Managing Director of First Graphene Ltd, stated that the company is delighted to be working with Steel Blue who is the leading supplier of work boots in Australia and the world leader in providing safety boot system. By developing the product, both the partners will enhance their reputation.
There was another update from the company that Clive Carver resigned from the position of the director. The company was looking for an alternative for getting listed on AIM in the UK. However, as a result of turmoil in global markets in November and December and fall in the Dow Jones Index by 10% followed by ongoing uncertainty in the UKâs Brexit position, the director refused to proceed further.
Since the inception of FGR on ASX, the stock has generated a positive performance of 361.09%. In last one year, the FGR stock has yielded a positive return of 10.34%. However, it has generated a negative YTD return of 3.03% till date to its investors.
As per the quarterly results of Q2 FY2019, the company used net cash of A$1.249 million in its operating activities. Here, the primary reason for cash outflow was the payment made for exploration & evaluation, research & development, mine activities, staff costs and administration and corporate costs.
The company made payments to acquire property, plant, and equipment. As a result, the net cash used in the investing activities was A$0.355 million.
During the period, the company generated a net revenue by the issue of shares which involved the transaction cost. As a result, there was a net cash inflow of A$1.353 million.
By the end of the Q2 FY2019 on 31 December 2018, the net cash and cash equivalent with FGR was A$3.206 million.
At the closure of the trading session on 4 February 2019, the price of the stock was A$0.155 which was down by 3.125% as compared to the previous trading dayâs closing price. The stock has a market capitalization of A$66.19 million with approximately 413.68 million outstanding shares.
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