• Nano One Materials (NNO) has increased its offering of units to allow for gross proceeds of up to C$12.5 million
  • The company has reportedly made these amendments to the equity offering due to significant demand 
  • Nano One will use the proceeds for research and development initiatives, business development, working capital, and general corporate purposes
  • Pending TSXV approval, the company will schedule the offering’s closing date for around October 30, 2020
  • Nano One Materials (NNO) is down 4.29 per cent and is currently trading at $2.90 per share

Nano One Materials (NNO) has increased its offering of units to allow for gross proceeds of up to approximately C$12.5 million.

The previously announced equity offering has reportedly enjoyed significant demand, which necessitated the amendments. Under the amended terms, the company will offer up to 4,596,000 of its units at an issue price of $2.72 per unit, for proceeds of up to $12,501,120. 

Units in Nano One will be offered on a best-efforts basis by co-lead agents and joint bookrunners Eight Capital and Gravitas Securities. Each unit will contain one common share in the company and one half of a common share purchase warrant.

One whole warrant allows the holder to buy one more common share in Nano One at an exercise price of $3.55. This can be done within 24 months of the unit offering’s closing date.

Nano One has agreed to grant the agents, Eight Capital and Gravitas Securities, an over-allotment option. This option will allow them the chance to purchase up to an extra 15 per cent of the units at the issue price. 

The agents may exercise this over-allotment option in whole or in part at any time within 30 days of the offering’s closing date. If they exercise the option in full, it will produce an extra $1,875,000 in proceeds for the company, for total aggregate proceeds of roughly $14,375,000.

Nano One has also agreed to pay the agents a cash fee amounting to six per cent of the offering’s aggregate gross proceeds. They will also pay non-transferable compensation warrants equal to eight per cent of the number of sold units.

Once complete, the company will use the offering proceeds for research and development initiatives, business development, working capital, and general corporate purposes.

Pending approval from the TSX Venture Exchange, the company has scheduled the offering’s closing date for around October 30, 2020.

Nano One Materials (NNO) is down 4.29 per cent, and trading for $2.90 per share, as of 1:14pm EDT.

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