First Graphene Limited (ASX: FGR) operates as an advanced materials company. Over the years, the company has improved its processes to develop a quality method of converting its supplies of high-grade graphite into low-cost graphene. The company is basically into the graphene-related IPR from which it generates the licensing fees and the royalty. Graphene is a carbon allotrope. It’s also considered the lightest and the strongest material with an inherent ability to be a conductor of heat and electricity better than any other material. The company has a 100 tonne/year capacity of producing graphene.
The company has via an ASX release stated that the company was successful in placing the 10 Million fully paid ordinary shares at a price of 15c without any options attached to raise $1.50 Mn. The placement was a private one with most of the subscribers being existing Institutional and family office shareholders. The objective of raising these funds is to set up the commissioning facilities at Graphene Engineering Innovation Centre (GEIC) and the recruitment of additional sales and technical staff.
In addition to this, the company also stated that the Graphene Engineering Innovation Center has officially opened at the University of Manchester as on the 10th of December 2018. The inauguration of the facility was done by his Royal Highness Prince Andrew, Duke of York. The official invitees for the event include many VIPs from the business and political arena. The official opening will be followed today by an industry showcase which will be attended by around 250 industrial delegates. This will help the FGR staff in building meaningful connections with the various partners and allies.
There is beforehand a substantial amount of excitement in and around the development of new and innovative project along with the major collaborations that the company is entering into. Moreover, there are meaningful discussions and conversations already happening on a range of topics such as composites, electrochemical manufacturing of Graphene Oxide, concrete, and energy storage materials. As the company is a tier 1 participant and a regular provider of graphene to the GEIC, it very well stands a chance of garnering a lot of traction in the sales due to the increased collaborations taking place with various industry partners and stakeholders for the calendar year 2019.
The Chairman of the company expressed his pleasure on the developments mentioned above and said that the attendees at the event & the industry showcase is a very encouraging sign and thus provides FGR a platform for FGR to display its products to a wide range of audience.
Meanwhile, the share price of the company has risen by 6.25 percent in the past six months as on 10 December 2018. FGR’s shares traded at $0.165 with the market capitalization of circa $68.65 Million as on 11 December 2018 (AEST 02:28 PM).