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Nano One Materials closes upsized financing of C$14.4 million

The technology firm plans to use the funds to finance research and development of its high-performance lithium ion battery cathode materials

Nano One Materials Corp. -
The offering was originally set to raise around C$10 million, which was then bumped up to $12.5 million before closing around $14.37 million

Nano One Materials Corp (CVE:NNO) (OTCPINK:NNOMF) announced Thursday it had closed its upsized private placement of C$14.4 million.

The technology firm plans to use the funds to finance research and development of its high-performance lithium ion battery cathode materials to be used in electric vehicles, energy storage and consumer electronics.

The offering was originally set to raise around C$10 million, which was then bumped up to $12.5 million before closing around $14.37 million.

READ: Nano One Materials upsizes previously announced offering to C$12.5M to fund research and development

Under the terms of the offering, Nano One issued a total of nearly 5.3 million units priced at C$2.32 per unit, including 686,900 units issued pursuant to the overallotment option. Each unit comprises one company share and one-half of a share purchase warrant. Each whole warrant entitles the holder to buy one share for C$3.55 for 24 months from closing.

Eight Capital and Gravitas Securities Inc acted as co-lead agents and joint bookrunners, and received a cash fee of C$862,000, 422,632 compensation warrants and 79,242 shares to satisfy a corporate finance fee in connection with their efforts. The warrants are exercisable under the same terms outlined in the offering.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Nano One Materials Corp.

Price: 3.15 CAD

TSX-V:NNO
Market: TSX-V
Market Cap: $272.48 m
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