FGR - First Graphene

[Dona Ferentes]

it would seem that, rather than invest energy and resources trying to get to scale, FGR might be aiming to be the corner store of graphene supplies. In terms of quality control, it may be a fruitful pathway.

Commercial Updates

First repeat production orders of PureGRAPH® fulfilled

• Aquatic Leisure Technologies launches PureGRAPH® enhanced Graphene Nano-Tech Pool range
• Steel Blue launches PureGRAPH® enhanced GraphTEC™ work boots
• Ascent Shipwrights launches first PureGRAPH® enhanced boat
• newGen Group moves to production of ArmourGRAPH™ wear liners
• Katana Surf completes collaboration on PureGRAPH® enhanced surfboards

 

[Dona Ferentes]

big dump of FGR stock at open.. Not huge vol but enough to drop it to 20c, some 15% and a low for since Nov 2020.

That is what happens with speccies that don't keep the narrative running, I guess. And no real conviction for anyone to buy the dip. Not yet.

 

[Dona Ferentes]

First Graphene has been on a slide, going down, since the start of the year, low 30's to 17c recently, but recent 5 day spell has broken that downtrend. Have seen strong buying and a 20% lift to 22.5c this morning

 

[Greynomad99]

What is everyones view on this company?

A very volatile stock - not for the fainthearted! Any stock that can gain/lose 50% of its value as this stock has done over the past 6 or 7 years is not for me. However, it seems to have bounced off a support level but may strike resistance around $0.24 Every so often it falls back to that blue dashed line of long-term support and if it turns around $0.24 that could be where it heads. Of course, nothing in trading is ordained - so another rocket up to $0.33 is always possible.

 

[Dona Ferentes]

A very volatile stock - not for the fainthearted

First Graphene gears for growth through new “market-maker” strategy

HIGHLIGHTS

• Market-maker strategy adopted to bolster role as a leading global provider of graphene and graphene-based products
• Inclusion of innovative partners in key industries to prove benefits of graphene-enhanced products
• Commercial managers have been appointed with responsibility for key verticals
• Partnerships are already underway with innovative players in concrete and cement, plastics, composites and coatings and inks.

Market-maker, not just market provider

Over the last two quarters, First Graphene Limited has undertaken a comprehensive review of its go-to-market strategy. Whilst remaining as a ... provider of high-quality graphene through its PureGRAPH® product range, it will also be putting renewed focus and emphasis into driving graphene demand.

.... Channelling Twisted Sister: "We're not going to take it, any more"

.... now 25c

 

[Dona Ferentes]

FGR keep plugging away. & up a few cents (to 23c) ... And there's a problem; when will the selling drive it down again?

Graphene-based supercapacitor materials deliver 85% improvement in energy density levels

HIGHLIGHTS

• Continuing test work demonstrates 85% improvement in energy density and a 300% better capacitance than activated carbon cells
• Independent testing demonstrates PureGRAPH® hybrid active materials have specific capacitance multiple times greater than activated carbon
• Roadmap to high power and energy density devices established
• Relationships established with development partners for further optimisation of the supercapacitor devices

 

[Dona Ferentes]

it would seem that, rather than invest energy and resources trying to get to scale, FGR might be aiming to be the corner store of graphene supplies.

• First Graphene signs exclusive technology partnership deal with established US graphite materials company NeoGraf Solutions
• Targeted to reach and exceed minimum annual uptake of 10 tonnes of PureGRAPH® within five years with performance measures in place .

The 10-year agreement to develop and grow the graphene market in the USA is subject to performance measures that commence with a minimum uptake of two tonnes of First Graphene’s PureGRAPH® product in year one as a means to establish and build market share. With strong expectations of growth, that will scale up to a 10-tonne minimum by year four and then in excess of 10 tonnes thereafter with precise quantities to be determined by annual review.

NeoGraf will sell the PureGRAPH® product line under its Graf-X brand, which is well known and has an established reputation in the US market. Due to its repeatable specifications, high aspect ratio platelets and availability in large volumes, PureGRAPH® was deemed to be a good fit with the Graf-X brand.

- capitulation?

 

[JohnDe]

I've noticed quite a few articles on graphed over the past 6 months.

The wonder material graphene may have found its killer app​

It will help decarbonise industry, produce greener concrete and make hydrogen​

Close to where the college rowing teams of Britain’s second-oldest university practise their strokes along the River Cam, a grey shipping container sits outside a business unit waiting to be dispatched to Abu Dhabi. Inside is a piece of equipment devised by a firm called Levidian Nanosystems. In a deal announced on May 16th with Zero Carbon Ventures, a firm in the United Arab Emirates, Levidian will ship 500 more such units to the region over the next five years. They will take methane emitted from landfill or being flared off at oil-production sites, and turn it into cleaner-burning hydrogen, along with a pile of fluffy black powder called graphene.

Graphene, which consists of monolayers of carbon atoms bonded in a repeating hexagonal pattern, is the thinnest known material. It was isolated in 2004 at the University of Manchester by Andre Geim and Konstantin Novoselov, who went on to win a Nobel prize for their discovery.

At the time, amid much hype, graphene was said to offer astonishing possibilities. It certainly has many interesting properties. For a start, it is 200 times stronger than steel. Yet it is extremely lightweight and flexible. It is also an excellent conductor of heat and electricity, and exhibits interesting light-absorbing abilities. Researchers are still finding ways to tune it to obtain other features. Recently, for example, it has been shown that by arranging several sheets of graphene at particular angles, a superconducting version of the material (that is, one which lets electricity pass without resistance) can be created.

Putting carbon to work
Yet despite this promise, apart from a few niche uses in electronics, water filtration and some specialist sports equipment, graphene remains largely unemployed. Certainly, no killer application of the sort predicted when the stuff was discovered has emerged. But that could be about to change. Concrete is as far from superconductivity on the technological sexiness spectrum as it is possible to get. Yet it is an important material and of great concern to those attempting to slow down global warming, because the process of making it inevitably releases carbon dioxide. And graphene may hold the key to reducing that contribution considerably.

Concrete is made by mixing sand, gravel, water and cement. And cement is made by roasting limestone, a rock composed of calcium carbonate, to drive off carbon dioxide and leave behind calcium oxide. The 5bn tonnes of cement produced each year thus account for some 8% of the world’s anthropogenic CO2, and generate abnormally high emissions per dollar of revenue earned compared even with other polluting industries (see chart). Yet if less than 0.1% by weight of graphene is added to the mixture, concrete ends up 30% stronger. And stronger concrete means less of it is needed, with a consequent reduction in CO2.

That does, indeed, sound like a killer app. There is, though, some way to go. As with most new materials it can take years for commercial production to scale up to the point of mass-market adoption. Petroleum-based carbon-fibre composites were invented in the 1950s, but it took more than 30 years before they began to be used in significant quantities in aircraft and cars. Graphene is now moving in that direction. According to estimates by idTechEx, a firm of analysts based in Cambridge, the world’s annual production capacity of the material was less than 3,000 tonnes in the first quarter of 2019. By the first quarter of this year, that figure had more than quadrupled, to 12,700 tonnes.
Novel production methods, such as Levidian Nanosystems’ and others being developed around the world, are assisting this growth. Besides methane, graphene is being made from an increasing range of materials, including waste and discarded mixed plastics, which otherwise might end up in landfill. This avoids “exfoliating” mined graphite, which at present is the dominant manufacturing process.

Graphite, the common form of crystalline carbon (the rarer one being diamond) is, in essence, a lot of layers of graphene piled on top of one another. Indeed, to make their discovery, Dr Geim and Dr Novoselov simply used sticky tape to peel individual layers away from a graphite block. As that is a bit too tedious for industrial use, various chemical and mechanical methods have been developed to speed things up.
Two of the world’s biggest suppliers, for example, use proprietary water-based processes to do the exfoliation. NanoXplore, in Montreal, Canada, recently upped its capacity to 4,000 tonnes a year, and Sixth Element Materials Technology, a firm based in Changzhou, China, plans to expand its 1,000-tonne annual capacity.

Out of the mine​

The various grades of graphene produced by exfoliation are not necessarily green, though. Graphite is not a renewable resource and it has to be mined, which can be environmentally damaging. As an alternative some producers obtain their feedstock elsewhere. This can be as organic compounds in gaseous form, such as methane, or as liquids like ethanol, an alcohol that can be made from plant matter. These are used in chemical vapour deposition (cvd), a long established industrial process. cvd relies on a chemical reaction, sometimes in combination with heat and a catalyst, to deposit carbon atoms turned into a vapour onto a substrate, such as copper or nickel. The substrate can then be removed, if desired, and the graphene recovered.

Levidian Nanosystems employs yet another approach, which it calls loop. This process uses microwaves to turn methane (a molecule composed of a carbon atom and four hydrogens) into a plasma by stripping electrons from its molecules. This causes the chemical bonds holding the molecule together to break, thus creating hydrogen (which is extracted from the top of the reaction chamber) and high-quality graphene (which collects at the bottom). The process does not rely on any catalysts.

The idea is that loop can be used to strip carbon from methane gas flows, such as those found in various industrial processes, water-treatment plants and biogas reactors, as well as oil wells and landfill sites. That gets rid of methane, a potent pollutant, without generating CO2—which would be an inevitable outcome if the methane were, instead, burned. The hydrogen that is made can then be burned as fuel without producing any greenhouse gases and the graphene sold for other applications, such as an additive to toughen anti-corrosion paint—in exactly the same way that the grey paint used to protect Levidian’s shipping container from the elements has been treated.

Although Levidian began as a graphene producer, it now sees its role as providing a decarbonisation service. The loop system is being tested by Britain’s National Grid, which is responsible for the distribution of the country’s gas and electricity, to boost the amount of hydrogen in the gas supply. The main ingredient of natural gas is methane, and decarbonising it in this way can produce up to a 40% reduction in CO2 emissions when the gas is subsequently burnt, according to John Hartley, Levidian’s boss. As for the graphene, National Grid plans to use that to reinforce its pipelines so that they can carry more hydrogen.

Depending on the source of the methane, Levidian claims the loop process has both a lower cost and a lower environmental impact than other means of making hydrogen—in particular, steam reformation, which generates a lot of CO2. In fact, at current market prices, the sale of the graphene produced means the hydrogen comes free. In time, the company hopes the loop process can be scaled up to become a big producer of the gas.

James Tour and his colleagues at Rice University in Houston, Texas, have cast their net even wider in the search for alternative feedstocks to make graphene. So far, they have successfully tried coal, petroleum coke (a by-product of oil-refining), discarded food, old tyres and mixed-plastic waste.

To carry out the conversion, Dr Tour uses a method called the “flash” process that his team have developed. This employs a specially designed reaction chamber in which a carbon-containing material is sandwiched between a pair of electrodes. High-energy pulses of electricity are then used to create a rapid rise in temperature to 2,700°C. In only a second or so, this results in a sudden flash of light (hence the name) caused by the release of energy as molecules in the material disintegrate.

Any substances that are not carbon are vaporised into a gas, which can be collected, cleaned and used in other processes. What remains is a form of graphene called turbostratic. This consists of a number of layers misaligned with one another. That misalignment, however, is a useful feature because it allows the layers to be more easily separated when the stuff is mixed into other materials. With graphene, the fewer the layers the more powerful are the benefits bestowed.

Fixing concrete cracks​

One mixture in which Dr Tour is particularly interested in is concrete, some 30bn tonnes of which are poured every year. The addition of a small amount of graphene to concrete provides an anchor for the cement in it to grab onto, resulting in a more powerful interaction as the concrete cures. This means not only that less concrete is needed to achieve the same level of strength, but also that structures made of it are likely to last longer. Graphene-enhancement would also protect rebar, the steel rods used to reinforce concrete, from moisture. If water creeps into tiny cracks in concrete it can cause rebar to rust and expand, which results in concrete crumbling and sometimes in buildings collapsing.

In certain cases, indeed, the use of rebar in construction might be avoided altogether, saving costs and the emissions involved in producing the steel from which it is made. Last year, a team from the University of Manchester, working with Nationwide Engineering, a British construction company, used graphene to enhance the concrete floor of a new gymnasium in Amesbury, in southern England, avoiding the need for rebar. This reduced the amount of material that would otherwise be required by nearly a third, resulting in a similar saving in CO2emissions.

Another hazard to concrete is chlorine, which is found in seawater and is particularly corrosive. Sixth Element says it has found the addition of just 0.005% of graphene to marine cement enhances its resistance to chlorine by 40%.

It might even be possible to build without concrete by adding graphene to composite materials made from wood and polymers. This would be particularly green if the graphene involved were produced from waste or recycled materials, including graphene itself. Dr Tour has already successfully flashed composites made with graphene in order to recover the material so that it can be used again. The use of stronger, lighter composites that are easily recyclable might tempt many manufacturers to move away from energy-intensive materials such as steel and aluminium. Ford, for one, has started using graphene to enhance the durability and reduce the weight of some of the composites used in its cars.

A complicating factor is that not all graphene is technically graphene. Most commercial graphene has more than one layer of atoms. Generally, anything under ten layers is accepted as graphene by most in the industry, although some products have more than that. Graphene also varies in form, from films to powders, to nanoplatelets, to graphene oxides and more. On top of that there are different quality levels, particularly as some of the carbon structures of which it is made contain defects. This does not necessarily mean that high quality, so-called “few layer”, graphene is the most useful. All types have some value, hence pricing is dependent on the application the material is used for. This huge variation in what is labelled graphene results in prices ranging from tens of dollars a kilogram to more than $1,000.

“We aim to be at the lower end of that spectrum,” says Jon Van Leeuwen, chief executive of Universal Matter, a Canadian company based in Burlington, Ontario, which has licensed the flash process from Rice University. It is building a demonstration plant, which by early next year should be making a tonne of flash graphene a day.

Greening cement is seen as the biggest market. “We all know it works in cement and concrete,” says Mr Van Leeuwen. “But to go big you need a certain cost point that has been unachievable until now.” Other potential markets include adding small amounts of graphene to the bitumen used to make asphalt roads. This would greatly prolong their life, preventing creeping and rutting in hot weather and cracking during cold spells, which leads to potholes. Graphene can also increase the abrasion-resistance of car tyres, making them last longer.

No pixie dust​

But using graphene is not as simple as “sprinkling a bit of magic pixie dust into your end product,” cautions Adrian Potts, chief executive of Applied Graphene Materials, a British company based in Redcar. The firm makes its own graphene from ethanol using a cvd process, and also buys in the material. Its particular expertise is in what is called “dispersion” technologies, which means putting few-layer graphene into a range of different substances so that it is easier to mix into products.

On its own, graphene has a tendency to restack itself into graphite, which can diminish its usefulness. The idea, says Dr Potts, is to make “graphene stay as graphene” when it is mixed into things such as anticorrosion treatments, composites and even the car wax used to polish and protect vehicle bodywork.

There remain, however, some concerns about the health implications of the growing use of engineered nanomaterials such as graphene. Researchers are trying to get a better understanding of how they might enter the body and what the effects of their doing so might be. Hence, adds Dr Potts, it is going to be important for the industry as it scales up for ways to be found that not only allow graphene to be used in bulk applications, but also to be used safely.

Not everyone is convinced graphene is on the cusp of great success as an environmental fix. Richard Collins, the North American research director of idTechEx, follows the business closely. He agrees that graphene could become an enabling technology for certain decarbonisation processes. “But the feedstock and processes currently used by the main players makes calling it a green material a stretch.”

Some of the new production methods, such as the flash process, could change that, especially if they can use waste materials such as discarded food as a feedstock, says Dr Collins. But he cautions that these methods are at an early stage and have yet to prove themselves at scale.

Nevertheless, there is, he adds, precedent to be found with graphene’s older and less glamorous siblings, carbon nanotubes. These are essentially rolled up sheets of graphene and can also be made with cvd. Carbon nanotubes have been in development for a decade or so longer than graphene, with annual production hovering around a few thousand tonnes. But demand is starting to soar, and may reach more than 70,000 tonnes by 2032. The reason? Carbon nanotubes have found their killer app: making cathodes for the lithium-ion batteries used by electric cars (evs). With battery gigafactories springing up all over the world, this has become a booming business.

Researchers are looking at ways of using graphene itself to enhance the performance of batteries. Graphite is already widely used in battery-making. Graphene could allow ev batteries to be lighter, longer-lasting and faster-charging. If any of that pays off, graphene will have found itself another important market.

The big bet​

Green concrete, though, remains the big bet for graphene—not least because the volumes of material involved are so huge. However, it faces competition in that field. Other ways to reduce concrete emissions are being explored. One promising method is to inject captured CO2 into concrete at the point when the water and cement are being mixed in. This not only locks the gas up as calcium carbonate, but also makes the concrete stronger. Even so, there is nothing to stop anyone adding a bit of graphene as well, if the price is right.

Many of the other potential uses of graphene besides concrete and batteries could also turn into big markets. Simply making things last longer with anti-corrosion coatings and producing sturdier composite structures would be good for the environment, not least because they will need less maintenance and will not need replacing so often. And when, eventually, these things do reach the ends of their lives, if the graphene can be recovered and used again it would be a welcome boost to building a circular economy. Nothing is certain with new technologies, but the wonder material’s time just might be coming. ■

The wonder material graphene may have found its killer app

It will help decarbonise industry, produce greener concrete and make hydrogen

www.economist.com

 

[Dona Ferentes]

Lifting off recent lows; now 13c. Quarterly out:

• Record Q4 revenue of circa A$359,000, closing FY22 with circa A$723,000 total revenue, which is 111% revenue growth against FY21
• Q4 revenue breakdown consists of 46% from Composites and Plastics, 31% from Cement/Concrete, 12% across Coatings, Adhesives, Sealants and Elastomers, and 11% in Energy Storage and other revenue streams
• Forward-looking orders received for fulfilment within FY23 totalling circa A$160,000
• Joint Development Agreement signed with Greatcell Australia* for development of perovskite solar cells

* Australian-based Greatcell specialises in the development and utilisation of photovoltaic technologies, specifically Perovskite Solar Cells, to convert low and ambient light to electricity. These solar cells are designed to be low cost and highly efficient compared to other solar technologies, but currently utilise a gold layer.

Under the agreement, First Graphene and Greatcell intend to jointly develop graphene composites and formulations to be used to manufacture more efficient and even lower cost PSCs. The graphene-based solutions remove the need for a gold layer, which could reduce the material input cost of the cell by circa 80%...

 

[Dona Ferentes]

SP has had a bit of a recovery of late:

only real news, apart from a reasonable Quarter, is that, on 27/10, it announced a patent had been granted in the United States for novel supercapacitor technology being advanced by the Company. The technology, used to produce metal oxide decorated products that show superior performance to existing activated carbon used in supercapacitors, was developed by a team at the University of Manchester. First Graphene holds an exclusive worldwide licensing agreement for the technology .

Otherwise, it continues to have a specific commercial focus on large, high-growth global markets including cement and concrete; composites and plastics; coatings, adhesives, silicones and elastomers (CASE); and energy storage applications.

 

[Dona Ferentes]

A very volatile stock - not for the fainthearted! .... Of course, nothing in trading is ordained - so another rocket up to $0.33 is always possible.

And the opposite direction seems to happen these days, with cash burners trying to get a foothold in their sector. Now graphene is talked about, and has been for a while, as one of the great hopes for the future. Will this continue to be the case?

In both Australia and abroad, the appetite for solutions to help improve the characteristics of products across the four verticals and wide range of applications, as well as decarbonizing manufacturing processes is accelerating.

This has seen more approaches to First Graphene from industry, the university sector and potential customers to work hand in glove to expedite trial and testing outcomes and create market-ready products.

Ah, that word potential. What a weight of hopes it carries.

Is it enough to warrant tossing its name into the April comp? Is there upside, and will it need cash this month (when the quarterly comes out)?

Spending is modest, some sales are happening. And are there green shoots? Price action, slight as it is over the last few days, has seen 8.1c as a low.

 

[Dona Ferentes]

FGR is bouncing along at lows of 8c; is there progress, enough to turn the corner?

Accelerating the drive to reduce CO2 emissions in cement and concrete
Highlights
• One of the world’s largest graphene enhanced green cement trials to start in June
• CO2 offset benefits confirmed in graphene enhanced cement
• One tonne order secured to develop graphene enhanced concrete
• University of Manchester releases report highlighting ease of PureGRAPH® AQUA product dispersion and how cement hydration is enhanced
• Results from trials applying graphene to recycled aggregates at MTC due for release.

 

[Dona Ferentes]

FGR is bouncing along at lows of 8c; is there progress, enough to turn the corner?

Make that 7c.

Accelerating the drive to reduce CO2 emissions in cement and concrete
• One of the world’s largest graphene enhanced green cement trials to start in June
• CO2 offset benefits confirmed in graphene enhanced cement
• One tonne order secured to develop graphene enhanced concrete

And just in time to get these trials underway ...a late June announcement. Seems to take, as one would expect, an inordinate amount of time for these innovations to enter mainstream processes.

Trials using the Company’s PureGRAPH® product have commenced at Breedon Group’s Hope Cement Works in the UK. Approximately 2,000 tonnes of graphene enhanced cement will be produced at the Derbyshire plant, which is the largest in the UK. The volume of cement is thought to be among the highest produced globally by trials using graphene to enhance cement properties.

The trial provides the opportunity to further validate and showcase the CO2 reduction benefits provided by adding graphene into the cement production process on an industrial scale.

About 1.2 tonnes of PureGRAPH® 50 is being used in the trial, testing multiple dispersion methods and dosage rates to determine the most effective and beneficial application process. The graphene will first be formulated into a grinding aid and then introduced into the cement grinding mill feed.

Dispersion into the cement production line will occur over a 24-hour period using traditional grinding aid dosage lines, with minimal operational or mechanical change required to the existing plant.

 

[Dona Ferentes]

some progress, producing 600T of cement to specs. ...but, only one of many pathways to decarbonising production.
.
Cement production trials validate PureGRAPH® as a means to reduce
carbon emissions

Highlights
• Initial early-stage compressive strength gain data indicates up to 10% increase which meets performance expectations
• First stage results demonstrate route to a 15% reduction in carbon emissions, providingthe cement and concrete industry a solution to meet environmental sustainability targets
• Viability of producing industrial-scale graphene enhanced quantities confirmed, further validating PureGRAPH® benefits to the cement and concrete industry
• Further trials (Phase 2) planned, aiming at optimising dosage rates and addition methodology...
.
Is it enough to stop the slump? now 6.2c

 

[Dona Ferentes]

Cement production trials validate PureGRAPH® as a means to reduce
carbon emissions...
.
Is it enough to stop the slump? now 6.2c

low vol, cracked 8c

 

[Dona Ferentes]

up 66 per cent for the week ... interest maintained through to Friday and closed at highs. Marlet cap now $50M

.
there was an Ann. on the 3rd, which might have helped sentiment. ..

FGR attracts Middle East investment support for Kainos Tech development

Highlights
• FGR and UAE based EMDAD sign MOU to promote hydrodynamic cavitation technology and attract investment to develop a pilot-scale reactor
• The process technology will convert petroleum feedstock to battery grade graphite, graphene and hydrogen
• Strategic partner EMDAD has four decades of experience working alongside key Middle East energy players, with a focus on technology driven and sustainability solutions

 

[Dona Ferentes]

up 66 per cent for the week ... interest maintained through to Friday and closed at highs.

... and UP again today . A bot chewing away all day, 100 bucks every 3-4 minutes. Sellers never appeared of any size so, come closing time, pushed higher.

 

[Dona Ferentes]

aha, where there's smoke, there's loose lips
.
FGR secures agreement with UK’s largest cement manufacturer

Highlights
• FGR enters Development and Commercialisation agreement with leading UK cement manufacturer Breedon Group
• Collective objective to enhance Breedon Cement’s CEM II mechanical properties to improve compressive strength and reduce the company’s carbon footprint
• Graphene enhanced grinding aids and cement admixtures to be formulated and supplied by FGR, as well as developing methods for adding them into cement production facilities
• Breedon to provide increased access to industrial scale production lines to optimise understanding of processing environment and operating conditions

 

[Dona Ferentes]

lost those recent gains, and now settling around 8c, but likely to drop on this capital initiative
.
• FGR launching Share Purchase Plan to raise up to A$5.0 million through the issue of up to approximately 78,125,000 Shares at an issue price of A$0.064 per Share
• Funds raised to be used to accelerate the commercialisation of FGR’s highly successful graphene-enhanced cement and concrete solutions
.
The SPP Share issue price represents a discount of 19% to the 5-day VWAP
.
did they try to hit insto and cornerstone money first, when it was above 10c?

 

[Dona Ferentes]

... and UP again today . A bot chewing away all day ..

.. from October. ..that didn't last

.
and from the AGM a few days ago
"Last week the Company embarked on a Share Purchase Plan to raise up to $5m at 6.4¢. This is the first time that we have gone back to shareholders for funds since the beginning of COVID. Rather than undertake a heavily discounted placement to the general market, as many companies do, the directors thought that existing shareholders should get the benefit of the discount.

"This is an opportune time to apply for more shares knowing that your company is making great strides in the commercialisation of PureGRAPH®. Coincidently, it seems to be corresponding with a return of confidence in the stock market. We commenced the SPP and look forward to utilising the funds in an efficient fashion as we close in on the cement opportunity..."
.
discount is holding. am I sucker enough to participate?