First Graphene is flying into FY20 fully funded
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Special Report: Home-grown graphene producer First Graphene has consolidated its cash position as the new financial year begins thanks to a successful option exercise program.
The early exercise of options has raised $5.6 million for First Graphene (ASX:FGR) since April, with each option previously exercisable into one fully paid ordinary share in the company at a price of 15c (if exercised on or before August 8th).
The stronger working capital position — it had $3.7 million in the bank at the end of the June quarter — will drive the growth of First Graphene as the leading supplier of high performing graphene materials.
The company is focused on increased production efficiencies, higher manufacturing throughput, market development with new customers and novel graphene applications and global supply capabilities.
The company has been riding a wave of momentum of late. Last month it shipped out its first graphene order to Europe, and has the authority to sell both in Australia and in Europe following the receipt of several crucial regulatory approvals.
Optionholders wishing to exercise their options on or before 8 August 2020 will do so at a price of 20c per option, with that rising to 25c per option after that date but on or before 8 August 2021.