Business
Nano One Signs Definitive Agreement to Sell and Lease Back Its Candiac Building and Property
This transaction significantly strengthens the Company's cash balance while ensuring long-term op...
About this update from Nano One Materials Corp
[{"type":"text","content":"Nano One Signs Definitive Agreement to Sell and Lease Back Its Candiac Building and PropertyThis transaction significantly strengthens the Company's cash balance while ensuring long-term operational stability in the province of Québec through a 15-year lease agreement with renewal provisions for up to an additional 15 years. VANCOUVER, BC / ACCESS Newswire / February 26, 2025 / (TSX:NANO)(OTC PINK:NNOMF)(Frankfurt:LBMB)Highlights:C$15.7 million in estimated net proceeds from sale of land and building, of which C$2 million is a deferred payment in the form of vendor loan.Includes lease of at least 15 years and right of first offer to repurchase.Provides for operational continuity at the Candiac Operations in Québec.Strengthened balance sheet leverages government funding announced in 2024.Supports capacity expansion at Candiac to over 1000tpa of LFP cathode production.Nano One® Materials Corp. (\"Nano One\" or the \"Company\"), a process technology company specializing in lithium-ion battery cathode active materials, is pleased to announce that it has entered into definitive agreements for the sale and lease back of its Candiac building and surrounding property at 280 Liberté Avenue, Candiac, Québec (\"Property\") to Candiac Industrial Properties (I) L.P. (\"Purchaser\") for estimated net proceeds of C$15.7 million (the \"Agreements\"). This transaction significantly strengthens the Company's cash balance while ensuring long-term operational stability in the province of Québec through a 15-year lease agreement with renewal provisions for up to an additional 15 years.Mr. Carlo Valente, CFO of Nano One, commented, \"This transaction bolsters our balance sheet and helps leverage over C$40 million in government funding and reimbursements that we secured and announced last year. It also accelerates the commercialization and capacity expansion of the Candiac operations to at least 1000 tpa of LFP cathode production.\"With Nano One's balance sheet now strengthened, the Company is well positioned to advance its commercialization and technology licensing efforts with its strategic partners. The funds also enable it to scale up operations in Candiac and push towards revenue generation from future LFP production and licensing.Key TermsThe Agreements are expected to close on or about February 28, 2025 and include...