Graphene NanoChem raises £32.5m
26th March 2013
Graphene NanoChem has announced the successful completion of a placing raising £32.5m, before expenses and the reverse takeover of Platinum NanoChem.
The company has also changed its name from Biofutures International plc to Graphene NanoChem.
The Company and its subsidiaries following the acquisition intend to use the net proceeds of the placing to:
· Increase the capacity of the enlarged group's existing speciality chemicals plant
* Increase the capacity of the existing advanced nanomaterials plant to 250 tonnes per annum
· Fund technology commercialisation and graphene applications development efforts
* Increase the size and breadth of the enlarged group's intellectual property portfolio
* Support development of joint venture initiatives
* Fund the company's general working capital requirements
The enlarged group expects to draw down on its new £7.1m revolving working capital facility from Malaysia Debt Ventures Berhad.
At 9:08am: (LON:GRPH) share price was +139.5p at 139.5p
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