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Nano One Announces Closing of Previously Announced Equity Offering Co-led by Eight Capital and Gravitas Securities for Gross Proceeds of $14.37 Million
Vancouver, British Columbia--(Newsfile Corp. - October 29, 2020) - Nano One Materials Corp. ...
About this update from Nano One Materials Corp
[{"type":"text","content":"Nano One Announces Closing of Previously Announced Equity Offering Co-led by Eight Capital and Gravitas Securities for Gross Proceeds of $14.37 MillionVancouver, British Columbia--(Newsfile Corp. - October 29, 2020) - Nano One Materials Corp. (TSXV: NNO) (OTC Pink: NNOMF) (FSE: LBMB) (\"Nano One\" or the \"Company\") is pleased to announce that it has closed its previously announced best efforts financing initially announced on October 14, 2020 and upsized on October 15, 2020 (the \"Offering\"). The Company issued a total of 5,282,900 units (the \"Units\") at an offering price of $2.72 per Unit (the \"Issue Price\"), which included 686,900 Units issued pursuant to the over-allotment option for gross proceeds of approximately $14.37 million. Each Unit consisted 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, expiring October 29, 2022.The Units were offered on a best efforts basis by Eight Capital and Gravitas Securities Inc., as co-lead agents and joint bookrunners (the \"Agents\").In connection with the Offering the Company paid the Agents a cash fee of $862,169 (6% of the aggregate gross proceeds raised from the Offering), issued to the Agents 422,632 non-transferable compensation warrants (\"Compensation Warrants\") equal to 8% of the number of Units sold under the Offering and issued to the Agents 79,242 Common Shares in satisfaction of a corporate finance fee. Each Compensation Warrant is exercisable into one Common Share at the Issue Price for a period of 24 months following closing, expiring October 29, 2022.The Company intends to use the net proceeds of the Offering for research and development initiatives, capital equipment purchases and facility expansion, intellectual property acquisition, business development, working capital and general corporate purposes. 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 un...