Nano One® Materials Corp., 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, has announced that it has closed its previously announced bought deal financing (the “Offering”).
The Company issued a total of 5,405,000 common shares (the “Common Shares”) at an offering price of $5.35 per Common Share (the “Issue Price”), which included 705,000 Common Shares issued pursuant to the exercise of the over-allotment option, in full, for gross proceeds of approximately $28.9 million.
The Common Shares were offered on a bought deal basis by a syndicate of underwriters. In connection with the Offering, the Company paid the Underwriters a cash fee of 6% of the aggregate gross proceeds raised from the Offering and issued to the Underwriters 324,299 non-transferable compensation warrants (the “Compensation Warrants”) equal to 6% of the number of Common Shares sold under the Offering. Each Compensation Warrant is exercisable into one Common Share at the Issue Price for a period of 12 months following closing, expiring April 1, 2022.
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.
