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Nano One Materials arranges $5M private placement to go forward with facility expansion

CEO Dan Blondal said the infusion of cash will make a big difference, particularly when combined with another $5 million it received last year.

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Nano One also announced that it tapped Dan Martino of Donaldson Brohman Martin CPA Inc to serve as CFO and corporate secretary

Nano One Materials Corp (CVE:NNO) (OTCMKTS:NNOMF) has secured a private placement worth as much as $5 million in order to fund expansion of its facilities and further technology development.

The company will offer up to 4.3 million units — each containing one share and one half a share purchase warrant — at a price of $1.15 per unit. A whole warrant entitles its holder to purchase an additional share at a price of $1.60 for up 36 months following the closing date.

CEO Dan Blondal said the infusion of cash will make a big difference for the Vancouver-based lithium-ion battery materials producer, particularly when combined with another $5 million it received last year.

READ: Nano One Materials piques global interest after making strides in battery durability

"Most importantly, 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,” Blondal said in a statement. “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."

Additionally, Nano One announced that it tapped Dan Martino of Donaldson Brohman Martin CPA Inc to serve as CFO and corporate secretary. President John Lando and Blondal had been working in those roles in an interim capacity.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Nano One Materials Corp.

Price: 1.37 CAD

TSX-V:NNO
Market: TSX-V
Market Cap: $105.15 m
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