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Carbonxt Group (ASX:CG1) wraps up entitlement offer to raise $1.02M

Summary

  • Carbonxt has completed a non-renounceable pro-rata entitlement offer to raise over AU$1.015 million before costs. 
  • The strong financial base puts the Company in a sweet spot to leverage its strong portfolio of specialised activated carbon products.
  • Carbonxt has embarked on impressive initiatives to widen its footprint in the rapidly growing cleantech industry. 

Carbonxt Group Limited (ASX:CG1) is on a fast-paced growth track, bolstered by its firm financial footing, which is helping the Company catalyse its progress in the cleantech industry.

In line with its current focus, the Company has completed a non-renounceable pro-rata entitlement offer, raising more than AU$1.015 million before costs. 

The recent development comes hot on the heels of robust undertakings geared towards further strengthening the Company’s financial resilience. Significantly, the June 2021 quarter has proven quite momentous for Carbonxt, as the Company successfully executed a series of developments to improve its financial resilience. These undertakings have positioned the Company well to leverage its strong portfolio of cleantech products. 

ALSO READ: How Carbonxt Group is poised to make a clean sweep in activated carbon space

Source: Copyright © 2021 Kalkine Media Pty Ltd.

ALSO READ: Carbonxt Group (ASX:CG1) Takes Strategic Directions as Responsible Manufacturing Focus Intensifies

A Snapshot of the Offer

Under the offer, eligible shareholders were provided with the opportunity to apply for one fully paid ordinary share for every 11 existing fully paid ordinary shares, at an offer price of AU$0.15 per new share. In addition, Carbonxt would issue one free attaching option for every two new shares issued. The option will have an exercise price of AU$0.24 with scheduled expiry on 21 June 2023. Thus, the options are exercisable for 24 months from the issue date. 

The offer is intended to support the development of activated carbon pellets and to fund general working capital.

Strong potential for innovative Carbonxt solutions

Carbonxt is witnessing growing levels of inquiry from its customer base as the world concentrates on shifting to an ecologically sustainable setting. 

The Company develops and markets specialised activated carbon products aimed at capturing mercury and other contaminants emitted during industrial processes. The key products include Powdered Activated Carbon and Activated Carbon pellets with their applications in industrial air purification, wastewater treatment and other liquid and gas-phase markets.

The Company’s solid product pipeline and flurry of developments undertaken in the backdrop of green transition are cementing Carbonxt’s position in the cleantech industry. 

ALSO READ: A sneak peek at ecological trends acting as tailwinds for Carbonxt

Source: Copyright © 2021 Kalkine Media Pty Ltd.

Casting an eye on other recent financial developments 

New US$1 million order for Activated Carbon Pellets

Carbonxt recently bagged a US$1 million order from a Wisconsin-based existing power station customer to supply 500 tons of its activated carbon pellets. This takes the total order from this customer to more than U$3 million. 

READ MORE: Carbonxt Group (ASX:CG1) secures US$1M order for Activated Carbon Pellets

Successful placement raising AU$2.1 million

Last month, Carbonxt Group received firm commitments for AU$2.1 million before costs in a placement to sophisticated and professional investors. The investors are entitled to one option for every two new shares issues, at a strike price of A$0.24, with the options expiring two years from the issue. 

The US government grant

Carbonxt Group received the US government’s US$474,000 grant for regular employee benefit, ongoing payroll, utility and rent costs. The one-time grant will be channelised towards dealing with the economic impacts wreaked by the COVID-19 pandemic. 

CG1 shares were trading at A$0.150 on 21 June 2021 (AEST 2:45 PM), up more than 11% from their previous close.


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