SYDNEY: Sparc Technologies Limited announced the completion of the acquisition of Graphene Technology Solutions Limited (GTS) following shareholder approval at the general meeting held on 26 October 2020.
In conjunction with the acquisition of GTS, the Company is also pleased to announce the completion of a $4m initial public offering, with funds used for ongoing research and development and the construction of graphene production facilities.
The capital raise was underwritten by Morgans Corporate Limited and saw strong demand in excess of the maximum subscription amount.
The capital raise was also subscribed for by existing board members, Mr Adam Santa Maria, Mr Brett Lawrence and Mr Logan Robertson.
As set out in the re-compliance prospectus lodged with ASX, it is proposed that Mr Stephen Hunt, Mr Daniel Eddington and Mr Thomas Spurling would be appointed to the Board.