LWP Technologies Ltd (ASX:LWP) has increased its cash balance by $214,100 following a share purchase plan which issued 42.8 million shares at $0.005.
All directors subscribed fully for their allocation.
Earlier in the month the company took another step closer to commercialising its proppant technology, after finalising its joint venture with Hallmark Minerals Pvt Ltd for the operation of a manufacturing plant in India.
Under the terms of the joint venture, LWP’s technology will be used at Hallmark’s existing Indian manufacturing facility.
LWP will receive US$1 million for the technology license and receive 10% of gross revenues in royalties.
Broader commercialisation opportunity
LWP also made a recent investment in the GraphenEra joint venture, which provides the company with the potential for commercialising a broader suite of energy-related technologies outside of proppants.
LWP recently finalised its 50% investment in GraphenEra, an entity that plans to develop an aluminium-graphene-air battery technology.