Carbonxt Group's $3.02m Placement Completion

Carbonxt Group Limited (ASX:CG1) has successfully completed a $3.02 million share placement, issuing 46.4 million fully paid ordinary shares at $0.065 per share. The funds raised will be utilized for the next instalment payment to NewCarbon Processing LLC for the construction of the group's flagship Activated Carbon production facility in Kentucky, USA, as well as for general working capital purposes. The placement price of $0.065 represents a 9% discount to the 15-day Volume Weighted Average Price (VWAP) of CG1 shares to 19 September 2024.

Carbonxt Managing Director's Comments on Placement

Warren Murphy, Managing Director of Carbonxt Group, expressed gratitude to existing shareholders for their strong support and welcomed new shareholders. He highlighted the upcoming payment to the Kentucky investment company, New Carbon Processing, LLC, and anticipated significant business scale-up as the plant becomes operational. Murphy emphasized the company's excitement for the future, expecting a substantial increase in production volumes and a reinforced position as a reliable supplier in the United States market.

Summary of Carbonxt Group's Placement Completion

Carbonxt Group Limited (ASX:CG1) successfully completed a $3.02 million share placement, receiving firm commitments from a network of sophisticated and high net-worth investors and family offices. The funds raised will be used for the next instalment payment to NewCarbon Processing LLC for the construction of the group's flagship Activated Carbon production facility in Kentucky, USA, and for general working capital purposes. The placement price of $0.065 represents a 9% discount to the 15-day Volume Weighted Average Price (VWAP) of CG1 shares to 19 September 2024. Warren Murphy, Managing Director of Carbonxt Group, expressed optimism about the company's future, anticipating a significant scale-up of business operations and a strengthened position in the United States market as the plant becomes operational.