Zentek upsizes private placement to $2.5 million

Zentek Ltd. (NASDAQ: ZTEK) (TSXV: ZEN) announced it increased its non-brokered private placement to up to $2.5 million from a previously announced offering, according to a press release statement.

The intellectual property development company will sell up to 2,358,490 units at $1.06 per unit. Each unit includes one common share, one-half of a Series A warrant, and one-half of a Series B warrant.

Series A warrants allow holders to purchase common shares at $1.50 for 24 months from closing. Series B warrants enable purchases at $2.00 for 36 months from closing. Both warrant series include acceleration provisions if the company's share price reaches specific thresholds on the TSX Venture Exchange for 10 consecutive trading days.

The company will use proceeds for working capital and general corporate purposes. The offering requires corporate and regulatory approvals, including TSX Venture Exchange approval.

Securities issued will be subject to a four-month hold period plus one day from issuance. The securities are not registered under U.S. securities laws and cannot be offered or sold in the United States without registration or an applicable exemption.

Zentek operates as an ISO 13485:2016 certified technology company focused on developing products for commercial partners. The company's ZenGUARD technology platform targets viral filtration applications for surgical masks and HVAC systems, with production facilities located in Guelph, Ontario.

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