Zentek Ltd. announced its intention to complete a non-brokered private placement to raise up to $2,000,000 through the issuance of up to 1,886,792 units at $1.06 per unit.
Each unit consists of one common share, one-half of a Series A warrant exercisable at $1.50 for 24 months, and one-half of a Series B warrant exercisable at $2.00 for 36 months. The gross proceeds will be used for working capital and general corporate purposes.
Additionally, the company granted an aggregate of 979,000 stock options at $1.06 per share and 779,000 restricted share units to certain officers, directors, and employees, vesting over several years.
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