MONTRÉAL, QUÉBEC--(Marketwired - Nov. 8, 2016) - Group NanoXplore Inc., a Montreal-based company specialising in the production and application of graphene and its derivative materials, is very pleased to announce that it has raised $2.255M of equity financing. Participants in this financing raise included existing shareholders, notably Mason Graphite Inc. (TSX VENTURE:LLG)(OTCQX:MGPHF), as well as new Quebec-based investors.
This financing is in addition to the $3.3M recently awarded to the company from Sustainable Development Technology Canada (SDTC) to support the commercialisation of lighter, more reliable and higher-efficiency components for electric motor systems using graphene-enhanced engineering plastics in place of metals.
"We are very grateful for the strong support from our existing shareholders and SDTC, and we welcome the new investors who have participated in this financing raise," says Dr. Soroush Nazarpour, President and CEO of Group NanoXplore Inc. NanoXplore will use the funds raised to scale up production of graphene from 4 to 64 metric tonnes per year, and to help its customers develop new and innovative products using graphene-enhanced polymers.
Mason Graphite participated in this raise for an amount of $1,000,000. Benoît Gascon, President and CEO of Mason Graphite, commented: "We have been very happy with the business progression of NanoXplore and its industrialization strategy which focuses on markets with large potential like all the polymers applications among others. All current users of graphite being potential users of graphene, this partnership aligns perfectly with our commercial strategy."
About Group NanoXplore Inc.
NanoXplore is a Montreal-based advanced materials company and Canada's largest producer of graphene. NanoXplore supplies few layer graphene powder, masterbatch pellets of graphene-enhanced polymers, and blow and injection molded products. NanoXplore's core technology is a patented, low-cost and environmentally friendly process to manufacture high quality graphene from natural flake graphite. This graphene is used to engineer high performance composites by dispersing small amounts of graphene into polymers to enhance their mechanical, thermal and electrical properties. NanoXplore creates innovative products for applications including electric motors, enclosures with EMI shielding and thermal management, piping, impermeable containers, surface vehicles and next generation batteries.