Nano One Announces $5,000,000 Million Placement and Leverages $5,000,000 in Additional Non-Dilutive Non-Repayable Contributions from SDTC
Vancouver, British Columbia--(Newsfile Corp. - January 30, 2020) - Nano One Materials Corp. (TSXV: NNO) (OTC Pink: NNOMF) (FSE: LBMB) ("Nano One" or the "Company") is pleased to announce that it has arranged a non-brokered private placement of up to 4,347,826 units of the Company (the "Units") at a price of $1.15 per Unit for gross proceeds of up to $5,000,000.
The proceeds of this private placement are intended to be used for corporate development, facilities expansion, technology advancement, and general working capital.
"Most importantly," said Nano One CEO Mr. Dan Blondal "the five million in proceeds will be leveraged by an additional five million dollars in non-dilutive and non-repayable contributions, that was awarded to Nano One by Sustainable Development Technology Canada in May of 2019. The sum of ten million dollars will help fast track testing and co-development activities including those with existing collaborators Volkswagen, Pulead and Saint-Gobain. This positions us very well to execute on our business plan."
Each Unit will consist of one common share and one-half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant will entitle the holder to purchase an additional common share at a price of $1.60 for a period of 36 months from the closing date. In connection with the private placement, the Company may pay finder's fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange.
All securities issued pursuant to the private placement will be subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of closing of the private placement. Closing of the private placement is subject to receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
Separately, Mr. Dan Martino of Donaldson Brohman Martin CPA Inc. has been retained to provide CFO and Corporate Secretary services for Nano One, thereby filling roles that were being temporarily held by President Mr. John Lando and Mr. Dan Blondal, respectively.
Nano One Materials Corp.
Dan Blondal, CEO
For information with respect to Nano One or the contents of this news release, please contact John Lando (President) at (604) 420-2041 or visit the website at www.nanoone.ca.