Nano One Materials Corp (CVE:NNO) (OTCPINK:NOMF) (FRA:LBMB) is set to bring in up to around C$12.5 million gross after it upsized an earlier announced offering of C$10 million, which wil be co-led by Eight Capital and Gravitas Securities Inc.
Under the amended terms, the lithium-ion battery materials-focused group said up to around 4.59 million units will be offered for sale at the same price of C$2.72 each for total gross proceeds of up to C$12,501,120.
READ: Nano One Materials unveils "exceptional" breakthrough as it demonstrates new high voltage lithium-ion battery cell
The net proceeds will be used for research and development (R&D) initiatives, business development, working capital and general corporate purposes.
Earlier this week, the company revealed it had successfully created a high voltage lithium-ion battery cell with a significant cycle life - a milestone, which the firm described as an "exceptional" breakthrough.
The demonstration battery employed cobalt-free Lithium Nickel Manganese (LNM) cathode active material, which was made using the firm's proprietary One-Pot process.
A short form prospectus on the offering will be filed today in each of the Canadian provinces, except Quebec.
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.
Nano One has also granted the agents an over-allotment option, in which they can buy up to a further 15% of the units, exercisable in whole or in part, at any time on or before 30 days following closing, it noted.
The technology and materials group has developed a patented technology to produce, at low cost, lithium-ion battery cathode materials, which are vital in electric vehicles (EVs) and other energy storage applications.
---Updates earlier story to reflect upsized offering---
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