Nanollose
Highlights:
- Oversubscribed placement to institutional and sophisticated investors raises $2.85m, at an issue price of $0.10 per share.
- Placement proceeds will further strengthen the Company's balance sheet, placing Nanollose in a strong position to further advance the development and commercialisation of its tree free fibres.
Nanollose Limited (ASX:NC6) ("Nanollose", the "Company") a leading bio-materials company
commercialising scalable technology to create fibres and fabrics with minimal environmental impact,
is pleased to announce that the Company has received firm commitments for an oversubscribed
placement to institutional and sophisticated investors, raising a total of $2.85m.
The placement is to be undertaken at an issue price $0.10 per share ("New Shares") together with
one free attaching option per two New Shares, with an exercise price of $0.15 and an expiry date of
three years from the date of issue ("Options").
The New Shares are to be issued out of the Company's remaining placement capacity under ASX
Listing Rules 7.1 and 7.1A, with the New Shares expected to be issued on 23 April 2021. The Options
are subject to shareholder approval, which will be sought at a meeting to be convened as soon as
practicable. The Company intends to issue the Options under a prospectus, and seek quotation of
the Options on ASX.
The proceeds of the placement will further strengthen the Company's balance sheet, placing
Nanollose in a strong position to further advance the development and commercialisation of its
nullarbor™ lyocell fibre, which is finer than silk, and significantly stronger than conventional lyocell
made from wood pulp. In January 2021, the Company announced the filing of a joint patent
application with its R&D partner, Grasim Industries, for high tenacity lyocell fibre made from Microbial
Cellulose, and continues to work with Grasim on the development of the technology.
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