Gratomic raises US$6m for the Aukam graphite project in Namibia


Graphite miner Gratomic Inc. has raised US$6m for general working and operating capital for its Aukam Project in Namibia.

The TSXV-listed company announced the closure of the first tranche of a non-brokered private placement offering of up to 20 million working capital units or short-term capital at US$0,30 each.

Initially, Gratomic offered 4,348,984 working units and raised US$1,304,695.20. 

A working unit consists of one common share and one common share purchase warrant.

Shareholders are entitled to buy more for US$0.45 until Feb. 1, 2025.

Gratomic chief executive officer Arno Brand said the placement is designed to compensate for minor cost overruns experienced during Covid and supply chain volatility that continues to trouble the world. 

"With the successful completion of this offering, we foresee a smooth transition into production at the Aukam Graphite project in Namibia," Brand said.

The Aukam Project is in the Karas region and has been operating since 1940 until 1956, when it ceased operations.

The second phase of activity began in 1964, and the mine remained active unit 1974. 

The Aukam Graphite Project is currently in preparation for phase three of its life, with commercial production anticipated to commence in 2023. Phase three will allow the mine to realize its full potential with an estimated 22,000 tonnes per annum of high-purity vein graphite production.


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