Canadian graphene company NanoXplore Inc. has finalized with $30.9 million in its previously announced private placement offering.

NanoXplore sold 16.1 million common shares including 760,800 common shares issued pursuant to the underwriters’ over-allotment option, at a price of $1.30 per share for gross proceeds of $20.9 million and $10 million.

A  syndicate of underwriters spearheaded by Canadian lender National Bank Financial Inc., including GMP Securities L.P., Paradigm Capital Inc., Echelon Wealth Partners Inc. and Beacon Securities Ltd., led the offering.

With the net capital raised, NanoXplore will extend its existing graphene production plant, add new production lines, purchase equipment, increase working capital as well as for general corporate purposes.