As part of the offering, Nano One issued 9,565,000 units at a price of $1.15 per unit, with each unit made up of a single share plus one-half of one share purchase warrant. Each warrant can be exercised into one share at an exercise price of $1.60 until February 21, 2023.
“The proceeds from this financing will also be leveraged by an additional five million dollars in non-dilutive and non-repayable contributions, that was awarded to Nano One by Sustainable Development Technology Canada in May of 2019,” said Dan Blondal, Nano One’s CEO. “The sum of sixteen million dollars enables us to accelerate business plans and co-development activities including those already underway with Volkswagen, Pulead, Saint-Gobain and other undisclosed global automotive interests.”
The Burnaby, British Columbia company is gaining ground, thanks to the advance of its latest battery durability improvements, which enhance the “durability and cost of lithium-ion battery cathode materials”.
Nano One has achieved success in making lithium nickel manganese cobalt (NMC) cathodes aimed at making high-energy lithium-ion batteries safer and more durable by protecting them from the stresses of repeated charging.