Zentek Raises C$18M to Advance Albany Graphite PEA and ZenGUARD™
ZTEK•Zentek closed a private placement selling 18 million units at C$1.00 each for gross proceeds of C$18 million, including full exercise of the agent’s option. Net proceeds will fund the Albany Graphite Project’s new Preliminary Economic Assessment, ZenGUARD™ commercialization, feasibility studies and general corporate purposes.
1. Offering Details
Zentek completed a best efforts private placement of 18 million units at C$1.00 per unit, raising gross proceeds of C$18 million and fully exercising the agent’s over-allotment option.
2. Planned Capital Allocation
The company will allocate net proceeds to finalize the Albany Graphite Project’s Preliminary Economic Assessment, advance subsequent feasibility studies, commercialize the ZenGUARD™ platform, meet payment obligations and support general working capital.
3. Warrant Structure and Agent Compensation
Each unit includes one common share and one warrant exercisable at C$1.50 until May 27, 2029; Red Cloud Securities received C$1,197,360 in cash and 1,197,360 broker warrants exercisable at C$1.00 for identical expiry.
