Nano One Materials Corp. announced that it has entered into a security purchase agreement for the issuance 4,643,148 common shares in a non-brokered private placement at a price of CAD 2.70 per share for gross proceeds of CAD 12,536,499.6 on June 9, 2022. The transaction will include participation from Rio Tinto Group for 4.9% current issued and outstanding shares.

The company will also issue 1,000,000 non-transferrable share purchase warrants. Each warrant shall entitle to purchase one share at an exercise price of CAD 4.00 for a period of 12 months from the date of issuance. The securities issued in the transaction will subject to a limited holding period of four months and one day.

The closing is subject to certain customary closing conditions, including the approval of the Toronto Stock Exchange. The company expects closing to occur within 30 days, expiring July 30, 2022.