01:33 PM EDT, 04/30/2024 (MT Newswires) -- Graphene Manufacturing Group ( GMGMF ) said Tuesday it is upsizing its marketed offering of share units to $3.02 million from $2 million.

The company said it is selling an underwriter 7.2 million share units priced at C$0.42 and made up of a share and a four-year warrant to by a second share for C$0.55.

The company granted the underwriter a 14% over-allotment option.

The company plans to use the proceeds mainly to improve its financial position and provide liquidity to fund ongoing operations, including, in particular, the company's expenses incurred, and expected to be incurred, in connection with the company's research and development objectives, and for working capital and general corporate purposes.

The company's shares were last seen down C$0.035 to C$0.465 on the TSX Venture Exchange.

Price: 0.47, Change: -0.04, Percent Change: -7.00