- Nano One Materials (NNO) has raised C$14.37 million in a private placement following a breakthrough in its cobalt-free high voltage batteries
- The company issued 5.28 million units at a price of $2.72 each, comprised of one common share and one-half of a common share purchase warrant
- Each whole warrant will be exercisable at a price $3.55 per share for a period of 24 months
- The proceeds will be used to fund research and development, equipment purchases, facility expansions and intellectual property purchases
- Nano One Materials (NNO) is currently down 5.04 per cent to $2.45 per share
Nano One Materials (NNO) has raised C$14.37 million in a private placement following a breakthrough in its cobalt-free high voltage batteries.
Under the terms of the placement, which was announced on October 14 and upsized on October 15, the Vancouver-based company issued a total of 5,282,900 units at a price of $2.72 each.
These units are comprised of one common share in Nano One and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to acquire an additional common share at a price of $3.55, exercisable until October 29, 2022.
Eight Capital and Gravitas Securities acted as co-lead agents and joint bookrunners for the offering, and received an aggregate of $862,169 in cash, 422,632 non-transferable compensation warrants and 79,242 common shares as consideration for their services.
These compensation warrants will be exercisable at a price of $2.72 per share for a period of 24 months.
Nano One said it intends to use the proceeds to fund research and development initiatives, make equipment and intellectual property purchases, expand its facilities, and support general working capital and corporate activities.
The financing follows the company’s recent announcement of a breakthrough in longevity for a cobalt-free high voltage battery, which has been successfully demonstrated at automotive rates of charge and discharge for over 900 cycles.
Stephen Campbell, Chief Technology Officer of Nano One Materials, said the breakthrough resolves a number of excessive gassing and anode contamination issues.
“We are able to avoid rapid capacity fade and premature failure and have successfully demonstrated a high voltage lithium ion battery cell with significant cycle life – this is an exceptional outcome,” he added.
Nano One Materials (NNO) is currently down 5.04 per cent to $2.45 per share at 2:07pm EDT.
