Nano One Materials (NNO-V) Announces $10 Million Equity Offering Co-Led by Eight Capital and Gravitas Securities
Oct 14, '20 - NR
Nano One Materials is pleased to announce a proposed offering of up to 3,676,500 units of the Company (the “Units”) at an offering price of $2.72 per Unit (the “Issue Price”), for aggregate gross proceeds of up to $10,000,080 (the “Offering”). The Units will be offered on a best efforts basis by Eight Capital and Gravitas Securities Inc., as co-lead agents and joint bookrunners (the “Agents”), pursuant to a short form prospectus filed today in each of the Provinces of Canada, other than Quebec (the “Prospectus”).
Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share, at an exercise price of $3.55 for a period of 24 months following the closing of the Offering.
The Company has agreed to grant the Agents an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 15% of the Units at the Issue Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, the Company will receive an additional approximately $1,500,000 in gross proceeds for total aggregate gross proceeds of approximately $11,500,000.
In connection with the Offering the Company has agreed to pay the Agents a cash fee of 6% of the aggregate gross proceeds raised from the Offering, and non-transferable compensation warrants (“Compensation Warrants”) equal to 8% of the number of Units sold under the Offering (in each case including any exercise of the Over-Allotment Option). Each Compensation Warrant will be exercisable into one Common Share at the Issue Price for a period of 24 months following closing.
The Company intends to use the net proceeds of the Offering for research and development initiatives, business development, working capital and general corporate purposes.
The closing date of the Offering is scheduled to be on or about October 30, 2020 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities. A copy of the Prospectus is available under the Company’s SEDAR profile at www.sedar.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Nano One Materials Corp.
Dan Blondal, CEO
For information with respect to Nano One or the contents of this news release, please contact John Lando (President) at (604) 420-2041 or visit the website at www.nanoone.ca.
About Nano One
Nano One Materials Corp has developed patented technology for the low-cost production of high-performance lithium ion battery cathode materials used in electric vehicles, energy storage and consumer electronics. The processing technology enables lower cost feed stocks, simplifies production, and advances performance for a wide range of cathode materials. Nano One has built a demonstration pilot plant and is partnered with global leaders in the lithium ion battery supply chain to advance its lithium iron phosphate (LFP), lithium nickel manganese cobalt oxide (NMC) and lithium nickel manganese oxide (LNM) cathode technologies for large growth opportunities in e-mobility and renewable energy storage applications. |
