Nano One® Materials Corp. (“Nano One” or “the Company”), a technology company with a patented and scalable industrial process for the production of low cost, high-performance cathode materials used in lithium-ion batteries, today is pleased to announce that it has entered into an agreement with a syndicate of underwriters (collectively, the “Underwriters”) pursuant to which the Underwriters have agreed to purchase on a bought deal basis an aggregate of 4,700,000 common shares (the “Shares”), at a price of $5.35 per share (the “Issue Price”) for gross proceeds of $25,145,000 (the “Offering”).
The Company has agreed to grant the Underwriters an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 15% of the Shares at the Issue Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, the Company will receive an additional $3,771,750.
The Company intends to use the net proceeds of the Offering for ongoing research and development, pilot plant expansion, business development, and strategic initiatives with partners and collaborators and for general corporate purposes.
On or before March 22, 2021, the Company will file with the securities commissions or similar regulatory authorities in each province of Canada other than Quebec, a preliminary short form prospectus relating to the issuance of the Shares. The Offering is anticipated to close on or about April 1, 2021, and is subject to certain customary conditions and regulatory approval, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.
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 under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
