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Zen Graphene Solutions Ltd. Completes First Tranche of Non-Brokered Private Placement of Units

Press Release

Zen Graphene Solutions Ltd. (“Zen Graphene” or the “Company”) (TSXV:ZEN) is pleased to announce the closing of the first tranche of its previously announced private placement of units (the “Offering”). The Company raised gross proceeds of $1,077,294.80 under the Offering, which will be used to fund ongoing work on the Albany Graphite Project including graphene research and scale up, COVID-19 initiatives and other graphene applications development and for general corporate purposes. A second tranche is expected to close shortly in line with previous interest received and reported in the news release of June 17th 2020. The Board of directors wishes to thank all the long-term shareholders and new shareholders who participated in the Offering.

The Offering consisted of the issuance of 1,795,491 units (“Units”) at a price of $0.60 per Unit, for aggregate gross proceeds of $1,077,294.80. Each Unit consisted of one common share of the Company (“Common Share”) and one half of one non-transferable share purchase warrant (“Warrant”). Each whole Warrant will entitle the holder thereof to acquire one additional Common Share at an exercise price of $0.80 per Warrant, exercisable for a period of twenty-four months from the closing of the Offering (the “Exercise Period”).

All Warrants issued in connection with the Offering are subject to an acceleration clause. If the Company’s share price trades at or above $1.00 per share for a period of ten (10) consecutive trading days during the Exercise Period, the Company may accelerate the expiry date of the Warrants to 30 calendar days from the date on which written notice is given by the Company to the holders of the Warrants.

The Common Shares and the Warrants issued in connection with the Offering will be subject to a hold period until October 27, 2020 in accordance with applicable securities laws.

For further information:

Brian Bosse, Chief Financial Officer
Tel: +1 (844) 730-9822
Email: [email protected]

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