VANCOUVER, British Columbia, Aug. 28, 2019 (GLOBE NEWSWIRE) -- (TSX-V: NNO) (OTC-Nasdaq Intl Designation: NNOMF) (Frankfurt: LBMB). Nano One Materials Corp. ("Nano One" or the "Company") is pleased to announce that, further to its press release dated July 31, 2019, it has received gross proceeds of $845,625 from the exercise of 676,500 share purchase warrants at $1.25 per share pursuant to its early warrant exercise incentive program (the “Program”).
As an incentive for the early exercise of their share purchase warrants, warrant holders received an additional 676,500 new share purchase warrants (each an "Incentive Warrant"). Each Incentive Warrant entitles the holder to purchase one common share of the Company for a period of 14 months from the date of issuance of such Incentive Warrant, at a price of $1.60. The Incentive Warrants are subject to a four month hold period from the date of issuance.
The Incentive Warrants are also subject to an accelerated expiry if the volume weighted average price of the common shares is greater than or equal to $2.00 for any 10 consecutive trading days and, if the Company has given notice, the Incentive Warrants will expire 30 days following the date of such notice.
The balance of the 1,054,490 warrants not exercised under the Program will remain outstanding and continue to be exercisable for common shares of the Company on their current terms, with an expiry date of September 8, 2019.
Mr. Dan Blondal, CEO of Nano One, said "We are pleased with shareholder support and with the positive outcome of this incentive program. This strengthens our cash position, leverages non-dilutive government funding and demonstrates investor confidence in the execution of Nano One's business plans."
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.
About Nano One
Nano One Materials Corp (“Nano One” or “the Company”) has developed patented technology for the low-cost production of high performance lithium ion battery cathode materials used in electric vehicles, energy storage and consumer electronics. The processing technology enables lower cost feedstocks, simplifies production and advances performance for a wide range of cathode materials. Nano One has built a demonstration pilot plant and is partnering with global leaders in the lithium ion battery supply chain, to advance its NMC, LFP and LMN cathode technologies for large growth opportunities in e-mobility and renewable energy storage applications.
Nano One’s pilot and partnership activities are being funded with the assistance and support of the Government of Canada through Sustainable Development Technology Canada (SDTC) and the Automotive Supplier Innovation Program (ASIP) a program of Innovation, Science and Economic Development Canada ISED). Nano One also receives financial support from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP). Nano One’s mission is to establish its patented technology as a leading platform for the global production of a new generation of battery materials. www.nanoone.ca
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, the execution of the Company’s plans which are contingent on the receipt of grant monies and the commercialization of the Company’s technology and patents. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing', or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the ability of the Company to obtain additional financing; including the receipt of grant monies from SDTC, ASIP, NRC-IRAP and the receipt of all necessary regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.
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