Nano One Materials unveils C$10M offering to fund research and development and business development

Nano One Materials Corp (CVE:NNO) (OTCPINK:NOMF) (FRA:LBMB) is set to bring in over C$10 million gross from an offering co-led by Eight Capital and Gravitas Securities Inc, the firm has told investors.  The lithium-ion battery materials-focused group said up to around 3.67 million units will be offered at C$2.72 each for total gross proceeds of up to C$10,000,080.  READ: Nano One Materials unveils "exceptional" breakthrough as it demonstrates new high voltage lithium-ion battery cell The net proceeds will be used for research and development (R&D) initiatives, business development, working capital and general corporate purposes. Earlier this week, the company revealed it had successfully created a high voltage lithium-ion battery cell with a significant cycle life - a milestone, which the firm described as an "exceptional" breakthrough. The demonstration battery employed cobalt-free Lithium Nickel Manganese (LNM) cathode active material, which was made using the firm's proprietary One-Pot process. A short form prospectus on the offering will be filed today in each of the Canadian provinces, except Quebec. Each unit comprises one company share and one-half of a share purchase warrant. Each whole warrant entitles the holder to buy one share for C$3.55 for 24 months from closing. Nano One has also granted the agents an over-allotment option, in which they can buy up to a further 15% of the units, exercisable in whole or in part, at any time on or before 30 days following closing, it noted. The technology and materials group has developed a patented technology to produce, at low cost, lithium-ion battery cathode materials, which are vital in electric vehicles (EVs) and other energy storage applications. Contact the author at giles@proactiveinvestors.com