- Hazer, a producer of hydrogen and graphite, is looking to raise $2.5 million from shareholders to fund its production facility
- The company has developed a process which uses natural gas and unprocessed iron ore to produce clean products
- Shareholders will have the chance to buy into the company at 38.5 cents per share
- After unveiling its raising plans to the market, Hazer’s share price has fallen nearly 15 per cent, currently trading for 40 cents per share
Tech developer for hydrogen and graphite production Hazer is looking to raise $2.5 million to fund its production facility.
Hazer has designed a process which uses natural gas and unprocessed iron to “create low cost, low-emission ‘clean’ hydrogen.” This method assists in forming a low carbon economy.
“We have an exciting program of activities ahead for the company in 2020, focussing on progressing the Hazer Commercial Demonstration Project,” company Chairman Tim Goldsmith said.
Additionally, Hazer is expanding its research and development program and growing its business development activities.
The company detailed in its release to the Australian Securities Exchange today that it has commitments from institutional and sophisticated investors to raise the funds.
Shareholders will have the opportunity to buy into the company at an issuing price of 38.5 cents per share, currently a 1.5 cent discount from today’s closing price.
Following releasing plans for the capital raise, Hazer’s share price has fallen 14.74 per cent at today’s market close. Shares in the company are now worth 40 cents each.