On August 19, 2024, Zentek Ltd., an intellectual property development and commercialization company based in Guelph, Ontario, announced the successful completion of its non-brokered private placement of units. The company issued 2,361,500 units at a price of $1.30 per unit, resulting in gross proceeds of $3,069,950. The net proceeds from this offering will be utilized for working capital and general corporate purposes.
Greg Fenton, the CEO of Zentek Ltd., expressed gratitude to all participants in the offering and highlighted that the funding will support the company’s international market expansion strategy, particularly focusing on the sustainability objectives with ZenGUARD™-coated HVAC filters.
Each unit comprises one common share and one-half of one common share purchase warrant. The whole warrant allows the holder to purchase one common share at a price of $3.00 within 24 months from the closing date of the offering. Additionally, the company paid a cash commission of $29,499.40 to eligible persons upon closing the offering.
The completion of the offering is subject to various corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued are subject to a hold period of four months plus a day from the date of issuance, and they must comply with applicable securities legislation resale rules.
This news release does not serve as an offer to sell securities in the United States. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold within the United States without proper registration or an exemption.
Zentek Ltd. is an ISO 13485:2016 certified intellectual property technology company that specializes in researching, developing, and commercializing innovative products to provide competitive advantages to commercial partners. The company’s patented technology platform, ZenGUARD™, has demonstrated 99% antimicrobial activity and aims to enhance viral filtration efficiency for surgical masks and HVAC systems.
For more information about Zentek Ltd., please visit their website. This news release may contain forward-looking statements that involve inherent uncertainties and risks. While Zentek believes the information provided is reasonable, they disclaim any obligation to update or revise forward-looking information beyond legal requirements.
Neither the TSX Venture Exchange nor its Regulation Services Provider assumes responsibility for the accuracy of this release. This release should not be distributed to U.S. news wire services or disseminated within the United States.
