Hazer Group Ltd (ASX:HZR) announced that it is raising $0.9 million via a placement of 3.195 million shares at $0.28 per share to a strategic investor who specialises in investing in small cap and emerging companies.
Hazer Group has maintained its growth momentum with share price increasing 40% from its IPO price in late 2015.
Hazer Group is a technology development company undertaking commercialisation of the Hazer Process, a low-emission hydrogen and graphite production process.
Funds from the placement will be used for working capital requirements including further development and commercialisation of the Hazer Process.
The issue of the placement shares is expected to be completed this week.
Hazer Group also announced the appointment of Terry Walsh as Chief Development Officer. He has 20 years' experience in commercial law and management including roles as General Counsel of Hancock Prospecting Pty Ltd and Corporate Counsel with Rio Tinto Limited (ASX:RIO).
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