Nanollose Limited (ASX: NC6) Announces $2.1M Capital Raise
Strategic Capital Raise Details
Nanollose Limited (ASX: NC6) has announced a strategic capital raise aimed at enhancing its research and development initiatives. The company secured commitments from four strategic investors for a total of $672,000 through the placement of 42 million fully paid ordinary shares priced at $0.016 each. This raise will be completed in two tranches, with Tranche 1 set to raise $400,000 and Tranche 2 subject to shareholder approval aiming for an additional $272,000.
Rights Issue and Equity Conversion
Alongside the placement, Nanollose will conduct a 1 for 3 Rights Issue, which aims to raise up to $1.05 million before costs. Additionally, Directors Wayne Best and Winton Willesee will convert $200,000 of their outstanding fees into equity based on the same terms as the Placement and Rights Issue, subject to shareholder approval.
Use of Proceeds and Future Prospects
The raised funds are intended for advancing projects in fabric, fibres, and agricultural products as well as vegan leather, thereby enhancing the company’s operational capabilities. Executive Chairman Dr Wayne Best expressed optimism about the capital raise, stating, “This initiative will provide the Company with exceptional financial flexibility and allow the Company to move forward more rapidly and with confidence.”
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