Zentek Ltd. announced the closing of a non-brokered private placement, raising gross proceeds of $2,000,000 through the issuance of 2,000 debenture units.
Each debenture unit consists of a $1,000 principal amount of 5% secured convertible debentures, maturing on April 9, 2028, and 454 warrants to purchase common shares at a conversion price of $2.20 per share.
The convertible debentures are secured by the company's interest in 521 mining claims held by its subsidiary, Albany Graphite Corp., with net proceeds intended for working capital and general corporate purposes.
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